Berkadia Arranges $366.1M Fannie Mae Refinancing for April Housing's 13-Property Florida Affordable Portfolio

Berkadia has arranged a $366.1 million refinancing through Fannie Mae for the April Housing Florida Portfolio, a 13-property credit facility of garden-style affordable housing communities in Florida, the firm announced. The deal closed Sept. 9.

Senior Managing Director Tim Leonhard of the Berkadia Affordable Housing platform secured the financing on behalf of April Housing, a Blackstone portfolio company. The portfolio includes garden-style multifamily assets in Miami, Jacksonville and Tampa.

Berkadia Secures Fannie Mae Credit Facility for April Housing

The transaction is structured as a credit facility covering all 13 properties. At $366.1 million across 13 assets, the financing averages roughly $28.2 million per property, though that figure is a simple calculation and not an individual property loan allocation.

"This refinancing provides April Housing with a long-term financing solution that supports the continued operation and preservation of its Florida affordable housing portfolio," Leonhard said. "Our team worked closely with April Housing and Fannie Mae to structure a credit facility aligned with the sponsor's objectives and the portfolio's long-term stability."

Naveen Agrawal, SVP of Capital Markets at April Housing, said the financing supports long-term affordability at the communities. "By financing with a best-in-class credit facility from the Fannie Mae and Berkadia teams, April Housing is able to ensure long-term affordability at these communities. We are grateful for our continued partnership and support from both Fannie Mae and Berkadia," Agrawal said.

April Housing's Preservation Strategy in Florida

April Housing is one of the largest owners and preservers of affordable housing in the U.S. Since 2024, the company has completed the preservation of more than 3,650 affordable homes nationwide, including more than 700 in Florida in the last year.

Blackstone formed April Housing in 2022 to own, operate and preserve affordable housing. Its initial portfolio included more than 90,000 low-income housing tax credit apartments nationally, which Blackstone said had an average of approximately 20 years of remaining rent restrictions at formation. The company also manages nearly 13,000 units across 14 Florida counties, a figure broader than the 13 properties covered by this financing.

Berkadia Affordable Housing Platform

Berkadia Affordable Housing is a fully integrated financial services platform comprising mortgage banking, investment sales and tax credit syndication. The firm said the platform pairs technical expertise with a range of product offerings for clients across the country.

Market Context for Affordable Housing Refinancings

The transaction illustrates the role of portfolio-level agency financing in preserving regulated affordable housing. A credit facility can simplify financing across multiple properties, provide a longer-term capital structure and reduce the need to refinance assets individually. Fannie Mae and Freddie Mac remain central sources of liquidity for multifamily and affordable housing debt.

Affordable housing owners are operating in a challenging capital environment. Higher interest rates have raised refinancing costs compared with the ultra-low-rate period, while elevated construction and operating costs have made preservation and rehabilitation more expensive. Because affordable properties generally have restricted rents, owners have limited ability to offset higher expenses through market-based rent increases.

Florida remains a major affordable housing market given population growth, employment expansion and persistent housing-cost pressure. The three markets in the portfolio have distinct profiles: Miami's high land and housing costs support demand for regulated rents, though insurance and taxes can affect cash flow; Tampa has seen strong population and employment growth supporting multifamily demand; and Jacksonville is a comparatively lower-cost market with continued population growth and substantial garden-apartment inventory.

Berkadia competes in the agency and affordable housing lending space with firms including CBRE, Walker & Dunlop, Greystone, Lument and PNC.

Outlook

Berkadia and April Housing said the refinancing is intended to support the long-term operation and preservation of the Florida communities. The deal adds to April Housing's recent preservation activity in the state, where the company has completed work on more than 700 homes in the past year.

Sources

• Berkadia: April Housing Florida Portfolio, Florida | Refinanced by Berkadia 2026