Berkadia Refis Tennis Towers in West Palm Beach for $38.55M

Berkadia arranged a $38.55 million Freddie Mac refinancing for Tennis Towers Apartments, a 306-unit community at 2882 Tennis Club Dr. in West Palm Beach that owner Rich Properties has held for more than 35 years, according to Yield Pro. The loan is a seven-year, fixed-rate deal with four years of interest-only payments and closed Aug. 31.

Why it matters

A lender agreeing to seven years of fixed-rate, Freddie Mac paper, with four years where the owner pays no principal, on an asset this old is a live signal for every South Florida multifamily owner staring down the maturity wall. Tennis Towers is not new construction chasing a lease-up; it is a three-decade-plus hold that still cleared agency underwriting on favorable terms. For Miami developers and owners weighing whether to refinance or sell an aging property, this deal says the agencies are still writing long-dated, IO-heavy paper on stabilized Palm Beach County multifamily, not just on new trophy assets.

The numbers

The $38.55 million loan against Tennis Towers’ 306 units works out to roughly $126,000 per unit, a figure we calculated from the two reported inputs rather than one either the lender or Yield Pro stated directly. That per-unit basis is modest next to new-construction multifamily debt elsewhere in South Florida, consistent with an older, workforce-adjacent property rather than a luxury lease-up. Berkadia’s Miami and Boca Raton team, led by Senior Managing Director Mitch Sinberg alongside Managing Directors Scott Wadler, Matthew Robbins and Brad Williamson and Director Jared Hill, originated the loan on behalf of Rich Properties. We could not independently confirm the recording details against Palm Beach County Clerk mortgage records, which require a search step our tools could not complete; the loan terms here rest on Yield Pro’s reporting.

What’s next

Rich Properties now carries seven years of fixed-rate certainty on Tennis Towers, with four years before principal payments begin, buying the owner room to keep operating the property rather than face a near-term refinancing decision. For other long-hold South Florida multifamily owners approaching their own loan maturities, this deal is a data point that agency lenders are still open for business on older assets, provided the property is stabilized and the sponsor has a long operating record to show.