Berkadia Arranges $74M for 2 FL Communities
- Mar 07, 2018
Berkadia has secured a total of $73.9 million in financing for two multifamily communities, Advenir at the Oaks in Orlando’s submarket of Ocoee and The Queue Apartments in Fort Lauderdale. Berkadia’s Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Senior Analyst Lourdes Carranza-Alvarez arranged both loans.
The Queue Apartments
The firm arranged $34.5 million in acquisition financing for the newly built Class A Queue Apartments, on behalf of Boardwalk Properties, who purchased the community for $53 million from Fazio Properties. AIG originated the 10-year term loan, which included four years of interest only at an aggressive interest rate and a 65 percent LTV ratio.
Located at 817 SE 2nd Ave., the 191-unit Queue was constructed in 2017. The community offers studio, one-, two- and three-bedroom floorplans ranging from 529 to 1,275 square feet across seven stories. Interior features include granite countertops, stainless steel appliances, washer/dryers, high ceilings, private balcony/patios, wood-inspired flooring and oversized doors. Residents have access to amenities such as a zen garden, two-story gym, dog park and pet space, private entertaining suite, clubhouse, courtyard pool, electric car charging station, rooftop terrace and fireside lounge. Situated in the heart of Fort Lauderdale, The Queue is within close proximity to the Broward County Convention Center, Port Everglades, Broward Health Medical Center and Fort Lauderdale International Airport. The community also offers close access to Interstate 95 and Florida’s Turnpike.
“Metro wide leasing will increase throughout the region, but demand will remain high as annual absorption doubles that of 2017. The Queue’s 95 percent occupancy at time of sale is a prime example of this, and high-end amenities with close proximity to public facilities will continue to attract tenants and investors,” Foschini told Multi-Housing News.
Advenir at the Oaks
Berkadia also arranged a $39.5 million refinance loan through Freddie Mac for Advenir at the Oaks, a 408-unit community owned by Advenir Inc. The seven-year term loan offers three years interest-only at a competitive interest rate. The permanent financing was also originated with a 75 percent LTV ratio.
Located at 3100 and 3200 Old Winter Garden Road, the property was built in two phases from 1989 to 1991 and comprises one-, two- and three-bedroom units ranging from 670 to 1,100 square feet, across 20 three-story and nine two-story buildings. Interior features include walk-in closets, dishwashers, vaulted ceilings, private balcony/patios, washer/dryer hookups, microwave ovens and window coverings. Residents have access to amenities such as a fitness center, clubhouse, playground, laundry facilities, swimming pool and spa, as well as basketball and tennis courts. Situated 20 minutes from downtown Orlando, the community is within close proximity to Florida’s Turnpike, Spessard L. Holland East-West Expressway and attractions such as Universal Orlando Resort and Walt Disney World.
“Orlando’s long-term developments, such as the Creative Village and Lake Nona Town Center, are prime examples of the city’s consistent growth, indicating sustained housing demand in a market with robust fundamentals,” Apone told Multi-Housing News.
Images courtesy of Berkadia