Distressed, Lender-Approved Short-Sale, 177-Unit Multifamily Conversion Opportunity
5600 LAKESIDE DR, MARGATE, FL 33063
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Executive Summary
Berkadia is pleased to present the exclusive opportunity to acquire Waterside Landing (the “Property”), a 177-unit lakefront assisted living facility prime for multifamily conversion in Margate, FL. Strategically connected to greater Broward County via State Road 7 and Atlantic Boulevard, the Property offers a premium lakefront setting with the accessibility and infrastructure of an established infill location.
By acquiring the property at a favorable basis and capitalizing on the approximately $6.5M in renovations completed in 2023, a buyer can complete the conversion to market-rate multifamily.
INVESTMENT HIGHLIGHTS
A Distressed Short-Sale Opportunity to Acquire a Garden-Style Asset
n Opportunity to Capitalize on ~$6.5M in Renovations Previously Completed to Convert to Multifamily
A Significant Discount to Replacement Cost
Located in Margate, Adjacent to Margate City Center Development
Surrounded by an Abundance of Retail Amenities
Location
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Contact
Investment Sales
Jaret Turkell
Senior Managing Director
561.573.6140
[email protected]
Omar Morales
Senior Director
305.878.2278
[email protected]
Yoav Yuhjtman
Senior Director
786.853.5555
[email protected]
Kyle Stevenson
Senior Managing Director
703.888.6578
[email protected]
Noah Irvin
Financial Analyst
813.765.3260
[email protected]
Jonah Irvin
Financial Analyst
813.765.3253
jonah.irvin @berkadia.com
Mortgage Banking
Brad Williamson
Managing Director
786.646.2580
[email protected]
Michael Basinski
Vice President – Originations
616.617.9508
[email protected]
Office
Miami
1111 Brickell Ave
Suite 1650
Miami, FL 33131
Boca Raton
5100 Town Center Circle, Suite 550
Boca Raton, FL 33486
5600 LAKESIDE DR,
MARGATE, FL 33063
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
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