Monterra MF, LLC has landed a $36 million refinancing loan for its 175-unit active adult community in Cooper City, Fla. A 10-year, fixed-rate loan with full-term interest-only and a 60 percent loan-to-value ratio was provided by an undisclosed major life company on behalf of the property.
The Residences at Monterra Commons was built in 2022 with one-bedroom units that average 859 square feet and two-bedroom units that average 1,271 square feet. The homes include stainless steel appliances, quartz countertops, walk-in closets, keyless entry and full-size washers and dryers.
The Class A community’s amenities feature a business center, pool, sundeck, wellness center, clubhouse, theatre room, pet park, spinning and yoga center, billiards and game room, arts and crafts room, bocce and pickleball courts and sauna rooms. It is more than 90 percent occupied.
Located at 3991 NW 82nd Ave., residents are some 25 minutes away from downtown Fort Lauderdale and 30 minutes away from downtown Miami. The community’s location also puts it near several retail centers, including Monterra Commons, Pines City Center and the Shops at Pembroke Gardens.
Berkadia South Florida’s team of Charles J. Foschini, Chris Apone and Lourdes Carranza-Alvarez secured the loan.
Arranging financing in South Florida
Foschini, senior managing director at Berkadia, said in prepared remarks that Residences at Monterra Commons has a below-average resident age and a high household income, making it comparable to a market-rate luxury community. Foschini also noted that it’s been a challenging capital markets environment. However, the appetite from lenders in the South Florida market for quality residential projects is still strong.
While it’s the first time that Berkadia has secured financing for Monterra MF, the firm’s South Florida offices have been busy arranging financing for other major Miami projects. Earlier this year, Berkadia’s Foschini and Apone was joined by Shannon Wilson in arranging a $31 million Fannie Mae loan for Neology’s No. 17 Residences Allapattah in Miami. A year prior, the same Berkadia team secured $57.5 million in construction financing for Neology’s Fourteen Allapattah Residences that’s also in Miami.
