Berkadia Arranges $32M Acquisition Loan for Orlando Asset
- Jun 02, 2020
A Westside Capital Group-managed entity has purchased the 150-unit Residences at Veranda Park in Orlando, Fla., for $45 million. The buyer assumed control of Veranda Park Association within the MetroWest Master Association and secured several future purchase rights and purchase options pertaining to other development parcels within Veranda Park. Marcus & Millichap Executive Director Evan Kristol, First Vice President Jason Hague and Associate Duane Anderson brokered the transaction.
Berkadia Senior Managing Director Charles Foschini and Managing Director Christopher Apone arranged the $31.5 million acquisition loan. The 10-year Freddie Mac financing includes a fixed-rate with partial interest only at a 70 percent loan to value. In a similar recent transaction, Foschini and Apone arranged a $16.1 million Fannie Mae loan for Westside Capital Group to refinance Creekwood Apartments in Jacksonville, Fla.
Located at 2121 S. Hiawassee Road, the asset is adjacent to MetroWest Golf Club, less than a mile from the Publix-anchored MetroWest Village and some 9 miles from downtown Orlando. Completed in 2008, the four-story building comprises one-, two- and three-bedroom apartments and includes 48,385 square feet of commercial space. Common-area amenities include two fitness centers, two spas, a clubhouse and 482 parking spots. The new owner intends to invest in capital improvements.