Berkadia Secures Loan for $97M Florida Buy
Robbins Electra sold the 542-unit property to Advenir. Freddie Mac originated the $80 million value-add, three-year loan.
By Alex Ciorogar
The Fountains
Berkadia has secured an $80 million loan for the acquisition and rehabilitation of The Fountains, a 542-unit community in Palm Beach Gardens, Fla. According to Yardi Matrix data, Robbins Electra sold the property to Advenir for $97.3 million.
Freddie Mac originated the three-year, floating-rate loan with a competitive spread over LIBOR, and an LTV ratio of 82 percent.
Built in 1974 and renovated in 2009, the property located at 4120 Union Square Blvd. features one-, two- and three- bedroom units. Interior amenities include washers, dryers, microwave ovens, ceramic tile flooring, modern white cabinetry with brushed nickel knobs, white appliance packages, breakfast bars, large walk-in closets and storage.
Common-area amenities include:
- three resort-style swimming pools
- summer kitchen
- clubhouse
- business center
- 24-hour fitness center
- basketball courts
- fitness trail
- 1,000 parking spaces
- picnic area with BBQ grills
- car wash area
- free Wi-Fi
Berkadia South Florida Senior Managing Directors Charles Foschini and Mitch Sinberg, along with Managing Director Chris Apone, Associate Director Matt Robbins and Senior Analyst Lourdes Carranza-Alvarez arranged the transaction on behalf of the buyer.
In another recent deal, Berkadia arranged a Fannie Mae loan for Estates at Fountain Lake, a 306-unit multifamily asset in the Sugar Land submarket of Houston.
Image courtesy of Yardi Matrix
