Orlando Community Lands $40M Refi
Built in two phases from 1989 to 1991, Advenir at The Oaks features one-, two- and three-bedroom apartments and a total of 373,328 rentable square feet.
By Alex Ciorogar
Berkadia has arranged a $39.5 million Freddie Mac loan to refinance Advenir at The Oaks, a 408-unit community in the Orlando metro area, on behalf of Advenir at The Oaks LLC. Berkadia Senior Managing Director Charles Foschini, Director Christopher Apone and Senior Analyst Lourdes Carranza-Alvarez negotiated the seven-year loan with three years of interest only. The financing was originated with a 75 percent loan-to-value ratio.
Located at 3100 and 3200 Old Winter Garden Road in Ocoee, Fla., the property features one-, two- and three-bedroom apartments and a total of 373,328 rentable square feet. Built in two phases from 1989 to 1991, the 20 three-story and nine two-story buildings feature walk-in closets, window coverings, microwave ovens and dishwashers. According to Yardi Matrix, the property was 97 percent occupied at the time of negotiations.
Common area amenities include:
- fitness center
- two swimming pools
- controlled access
- laundry facilities
- 800 parking spaces
- basketball court
- tennis court
“As the Orlando metro area’s employment is expected to grow by 3.4 percent, the 43,000 jobs added will help maintain demand for multifamily housing, even as additional units come online” said Foschini in prepared remarks. “Average monthly effective rents are forecast to rise 2.2 percent to $1,232 by year-end, signaling a growing market with compelling opportunities.”
Florida’s Turnpike and Spessard L. Holland East-West Expressway are both easily accessible from the property. Universal Orlando Resort and Walt Disney World are also located nearby.
Image courtesy of Yardi Matrix