Harbor Group Nabs Orlando Asset for $97M
- Nov 28, 2017
Harbor Group International has acquired Elan Audubon Park, a 449-unit multifamily asset in Orlando, Fla., for $97.1 million. Berkadia arranged a $65.7 million acquisition loan for the purchase. Provided by Bank of America, the loan has a five-year term with extension options, carrying a coupon of Libor with an LTV of 66 percent. Led by Senior Managing Director Charles Foschini, Managing Director Chris Apone and Senior Analyst Lourdes Carranza-Alvarez, Berkadia’s South Florida office arranged the financing.
Located at 990 Warehouse Road in Orlando Fla., the 460,468-square-foot asset comprises 12 buildings. Built in 2017, Elan Audubon Park features one-, two- and three-bedroom apartment units in three- and four-story buildings.
Interior amenities include vaulted ceilings, hardwood floors, washers, dryers, microwave ovens and Wi-Fi.
Common area amenities include:
- two-resort style pools
- poolside bar with televisions
- outdoor kitchens with gas grilling areas
- outdoor fire pits
- two-story clubhouse
- two-story gym
- tanning room
- game room
- bark park with dog wash station
- indoor bike storage
- direct access garages with 795 parking spaces
Residents can enjoy nearby shopping, dining and entertainment options. The community is also situated near Orlando’s Colonial Town Center. The Orlando Executive Airport is a five-minute drive away. The property also offers direct access to Cady Way Trail and Lake Druid Park.
Berkadia also recently secured a seven-year Freddie Mac acquisition loan for Interstate Equities Corp.’s purchase of the 133-unit Verse La Mesa in La Mesa, Calif.
Image courtesy of Yardi Matrix