Berkadia has recently marked a significant milestone by orchestrating acquisition financing for Tavalo Tradition. Situated in Port St. Lucie, Florida, this 216-town home build-to-rent community is part of the Tradition Master Planned Community. GTIS Partners oversees the buyer’s entity. The financing 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.
Port St. Lucie
Concord Summit Capital has closed $122 million in financing for a 55-plus rental community under construction in Port St. Lucie. The package includes a $95 million construction loan from Madison Realty Capital and $27 million in mezzanine debt from an undisclosed lender for the developers of the 415-unit Encore at Tradition, located at 8500 Southwest America Walks Boulevard. The financing was arranged by Concord Summit Capital advisors David Larson, Daniel Eidson, and Keegan Burger. The project is being developed by America Walks at Port St Lucie, LLC, a partnership between
EDEN Living, a venture set to revitalize the build-to-rent sector, is preparing to meet surging demand in the expanding Tradition community of Port St. Lucie through a joint venture with Westport Capital Partners affiliates. The partnership has recently procured a nearly 20-acre site to establish 214 townhome-style units.