Beachwold Refinances Orlando-Area Property
- Jun 02, 2020
Beachwold Residential has refinanced Lake House, a 240-unit, garden-style multifamily community in Davenport, Fla., with a $32.25 million, 10-year, floating-rate loan through Freddie Mac.
JLL Capital Markets arranged the financing, which will be serviced by HFF, a JLL company, and a Freddie Mac Optigo lender. The JLL team representing Beachwold was led by Senior Managing Director Mona Carlton, Managing Director Elliott Throne, Directors Jesse Wright and Amit Kakar and Associate Michael DiCosimo.
Throne said in a prepared statement Beachwold was able to take advantage of the historically low rates and attractive terms provided by Freddie Mac during otherwise uncertain times. He added the transaction puts both the borrower and asset in a better position for years to come.
Situated on 19.7 acres, the property is located at 200 Village Blvd. in Davenport, an Orlando, Fla., suburb. Lake House is about a 20-minute drive to Walt Disney World in Orlando and also near other major employment demand drivers including Universal Studios, numerous Fortune 500 distribution centers and Orlando Health’s new Reunion Village development. The area, located near major highways, including Interstate 4, is also close to shopping, restaurants and entertainment offerings.
Renovated in 2019, the property has one-, two- and three-bedroom floorplans. Apartments feature granite countertops, stainless steel appliances, nine-foot ceilings and in-unit washer/dryers. Community amenities include a pet-friendly environment with a bark park, clubhouse, health and fitness center, car care area, basketball and tennis courts, outdoor grill and swimming pool.
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In October, the company obtained a $22.8 million Freddie Mac loan to refinance Avery Place Villas, a 172-unit, 19-acre garden-style community in Orlando’s Englewood Park submarket.
Berkadia secured the 10-year, fixed-rate loan for the property located about 6 miles east of downtown Orlando. Beachwold also refinanced another Orlando property—The Place at Alafaya with 400 units—in April 2019.