Advenir Scores $37M Refi for East Orlando Asset
- May 07, 2020
Advenir has received a $37.3 million Freddie Mac loan for its 308-unit Advenir at Polos East Apartments in Orlando, Fla. Berkadia originated the seven-year, fixed-rate financing with full-term interest only. Yardi Matrix shows the loan will retire existing $28.9 million debt. The owner purchased the property in 2012 for $27.1 million from Equity Residential.
Located at 1700 Woodbury Road, the property is within walking distance of several shopping options such as Walgreens and Publix, some 3 miles south of the University of Central Florida and 13 miles east of downtown Orlando. Completed in 1990, the 30 two- and three-story buildings occupy a roughly 20-acre site. Common-area amenities include two pools, a fitness center, a basketball court and a tennis court. The gated community comprises one-, two- and three-bedroom units, ranging in size from 640 to 1,207 square feet.
Berkadia Senior Managing Director Charles Foschini and Managing Director Christopher Apone from the company’s Miami office arranged the financing. The duo has been active in Central Florida. Recently, Foschini and Apone brokered a $16 million Fannie Mae financing for Creekwood Apartments in Jacksonville, Fla.