McKinley Announces Major Long Term Financing for Scattered Site Portfolio in Hyde ParkApril 28, 2017
McKinley is pleased to announce that it has closed on a $20,450,000 long term financing with Fannie Mae (FNMA) for a multi-property scattered site portfolio located in Hyde Park (Tampa) Florida. The portfolio represents a portion of McKinley's holdings in Hyde Park, and is the first major long term refinancing event for The McKinley Hyde Park brand. Berkadia, a Berkshire Hathaway and Leucadia National company, originated the financing on behalf of McKinley. Berkadia and McKinley have had a long term relationship spanning several decades, and most recently over the past 5 years, Berkadia has executed on over $1 Billion of Multifamily long term mortgages on behalf of McKinley via HUD, Fannie Mae and Freddie Mac.
"We have a high degree of confidence with Justin Wheeler, Ernie Katai and the entire Berkadia team," offered Albert M. Berriz, McKinley's CEO, Managing Member and Co-Owner. "They always deliver and they always do the right thing for us," added Berriz. McKinley and Berkadia will be closing on a second tranche of McKinley Hyde Park financing with Fannie Mae later in May as well. "These financing events have proven our thesis and have positioned the various properties in the first tranche for our classic long term generational ownership with substantial sustainable cash flow," further added Berriz.
The McKinley Hyde Park brand is a boutique collection of 28 multifamily communities of historic and unique significance located in Hyde Park, Downtown Tampa. These communities span from the Hillsborough River in the Downtown to MacDill Air Force Base in South Tampa. The brand offers a variety of price points and product offerings to meet the needs of a very discerning customer base. The portfolio enjoys walkable access to high end retail shops and the best restaurants in the region, as well as wellness and outdoor opportunities available throughout the area. This boutique collection also features condominium grade interiors and exquisite exterior renovations as well as community amenities that generate the best available product in the marketplace. McKinley today is the largest owner-operator of multifamily communities in the Hyde Park/South Tampa market.
McKinley is proud to be a major employer and owner of Multifamily and Retail real estate throughout Central Florida, having actively invested in the region since 1982. As one of the largest owners of Multifamily real estate throughout Central Florida, McKinley is committed to the future and well-being of the region, its customers that provide us the opportunity to serve their housing needs, and its 500 amazing Central Florida based team members who make it happen every day. McKinley currently owns a portfolio of 57 multifamily communities in seven major Central Florida sub-markets including the Orlando Theme Park market, the Orlando Airport market, Winter Park, Daytona Beach, Gainesville, Pinellas County which includes Clearwater, South Pasadena, North Redington Beach, Gulfport, and Tampa/Hyde Park/South Tampa. McKinley operates in the Central Florida Region under its flagship McKinley workforce housing brand, as well as its luxury brands which include McKinley Beach on the Barrier Islands of Pinellas County and McKinley Hyde Park in Hyde Park/South Tampa.