Berkadia Secures Loan for $97M Florida Buy

Robbins Electra sold the 542-unit property to Advenir. Freddie Mac originated the $80 million value-add, three-year loan.

The Fountains
The Fountains

Berkadia has secured an $80 million loan for the acquisition and rehabilitation of The Fountains, a 542-unit community in Palm Beach Gardens, Fla. According to Yardi Matrix data, Robbins Electra sold the property to Advenir for $97.3 million. 

Freddie Mac originated the three-year, floating-rate loan with a competitive spread over LIBOR, and an LTV ratio of 82 percent.

Built in 1974 and renovated in 2009, the property located at 4120 Union Square Blvd. features one-, two- and three- bedroom units. Interior amenities include washers, dryers, microwave ovens, ceramic tile flooring, modern white cabinetry with brushed nickel knobs, white appliance packages, breakfast bars, large walk-in closets and storage.

Common-area amenities include:

  • three resort-style swimming pools
  • summer kitchen
  • clubhouse
  • business center
  • 24-hour fitness center
  • basketball courts
  • fitness trail
  • 1,000 parking spaces
  • picnic area with BBQ grills
  • car wash area
  • free Wi-Fi

Berkadia South Florida Senior Managing Directors Charles Foschini and Mitch Sinberg, along with Managing Director Chris Apone, Associate Director Matt Robbins and Senior Analyst Lourdes Carranza-Alvarez arranged the transaction on behalf of the buyer.

In another recent deal, Berkadia arranged a Fannie Mae loan for Estates at Fountain Lake, a 306-unit multifamily asset in the Sugar Land submarket of Houston.

Image courtesy of Yardi Matrix