Berkadia has recently marked a significant milestone by orchestrating acquisition financing for Tavalo Tradition. Situated at 10241 Southwest Newberry Avenue in Port St. Lucie, Florida, this 216-town home build-to-rent community is part of the Tradition Master Planned Community (MPC). GTIS Partners oversees the buyer’s entity. The financing of $37.5 million is a forward acquisition loan supplied by a national bank. It will be allocated incrementally, synchronized with K. Hovnanian’s construction progress, anticipated to span until mid-2024.
Intriguingly, this transaction represents the lender’s debut foray into the U.S. build-to-rent (BTR) sector, marking a noteworthy venture into an evolving market. Berkadia played a pivotal role in navigating the complexities of this unique acquisition structure while accommodating the borrower’s phased closing schedule. It’s a testament to the adaptability of the real estate financing landscape.
Townhomes at Tavalo Tradition. Credit: Tavalo Tradition.
Moreover, Tavalo Tradition’s emergence carries a distinct significance. This build-to-rent community, nestled within the sought-after Tradition Master Planned Community, ushers in the area’s new era of housing options. As homeownership costs continue to rise, the BTR market in Florida is poised for substantial growth, and Tavalo Tradition is at the forefront of this shift.
Located in Port St. Lucie’s Tradition MPC, Tavalo Tradition comprises two- and three-bedroom townhomes ranging from 1,387 to 1,494 square feet. These units boast a range of premium features, including quartz countertops, 42-inch kitchen cabinets, vinyl plank flooring, stainless steel appliances, washer-dryer setups, LED lighting, and rear-load two-car garages. Additionally, the community offers many amenities, such as pickleball courts, a fitness center, a swimming pool, a dog park, and extensive green spaces.
The Tradition MPC, spanning an impressive 2,500 acres, has become a vibrant and thriving community. With a mix of residential, office, retail, and hotel spaces, it has emerged as a bustling hub in Port St. Lucie. Tavalo Tradition, near various conveniences and attractions, further enriches the community’s tapestry.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Good Afternoon.
I am a senior that badly need to move into one of your two bedroom apartments when they are ready.
Thanking you kindly,
Ms. Jones