The Enclave at Delray Beach to Receive $37 Million in Refinancing

Not everyone who’s part of the New York to South Florida exodus is a tech CEO buying a $20 million mansion, and not every residential real estate investor has to default to a condo.

Berkadia announces it has arranged $37 million in refinancing for The Enclave at Delray Beach, a 224-unit garden style apartment community in Delray Beach, Florida—and senior managing director Charles Foschini and managing director Christopher Apone of Berkadia Miami explains what the deal means to the market (the pair secured the financing on behalf of MSP Enterprises).

“South Florida’s multifamily market continues to strengthen with continued in-migration and a relatively low cost of living,” Foschini says. “With low interest rates and a rallying workforce that will further support demand, the property’s dynamics and market fundamentals made it a solid investment opportunity for the borrower to retain in its portfolio. While always a formidable choice, not every transaction is best suited to an agency execution. By running a full and exclusive process, we were able to generate multiple options for this borrower and fully exploit movements in the market to their benefit. Working collaboratively, we were able to secure a quote from our correspondent life company that not only allowed us to lock rate at application but at an ideal time in the market resulting in an outsized benefit in rate and interest only over every other interested lender.”

Famed investor Warren Buffett and his company Berkshire Hathaway helped broker the deal after forming a partnership to establish Berkadia with Jefferies Financial Group, a leading commercial real estate company. Berkadia was established in 2009 as a joint venture between Buffett’s Berkshire Hathaway company and Jefferies Financial Group, a leading commercial real estate company. Buffett, 90, recently announced his successor at Berkshire Hathaway, which did not alarm investors with the company’s stock sitting at $420,000 at the time of posting.

The apartment-style community built in 2000 features one, two and three-bedroom units offering modern tile backsplashes, spacious walk-in closets and a private balcony or patio for each unit. Shared community amenities include a tennis court, business center and gated entry. Located at 14768 Enclave Lakes Drive, the property is less than 10 minutes away from I-95 and is close to main tourist attractions like the Japanese Gardens and Bocaire Country Club.

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Drew Limsky

Drew Limsky



Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.