Harbor Group International Secures $74M Loan for Orlando Property

Berkadia originated the financing that will go toward recapitalizing the 449-unit Linden Audubon Park.
Linden Audubon Park. Image courtesy of Berkadia

Harbor Group International has secured a $74 million loan to recapitalized a Class A gated property in Orlando, Fla. Linden Audubon Park is a three-year-old, 449-unit community built on 18.9 acres at 990 Warehouse Road in the highly-sought “Parks” area of Orlando. 

Berkadia originated and Freddie Mac purchased the 10-year, floating-rate loan with partial interest only and a 75 percent loan to value. 

The dozen three- and four-story, elevator-served, frame-constructed buildings comprising the community feature one- to three-bedroom apartments ranging from 646 to almost 1,400 square feet in size. Three-bedroom townhouses measure almost 1,800 square feet.

Features of residences include in-unit washers and dryers, high-speed Internet access, above-standard ceiling heights, individual air conditioning and microwave ovens. A pair of resort-style swimming pools top the list of common-area amenities.

Job proximity

Audubon Park Garden District captured the 2016 Great American Main Street Award. The honor recognized Audubon Park as one of the most coveted niches in Orlando, delivering highly-acclaimed schools and parks, proximity to more than 400,000 jobs and an appealing selection of restaurants, shopping, nightspots and services. Recreational amenities in the area include Cady Way Trail and Lake Druid Park. The neighborhood also offers quick and convenient access to Winter Park, Leu Gardens and downtown Orlando. 

The district was initially developed in the 1950s and ’60s and for generations served the Orlando Air Force Base and subsequently Naval Training Center Orlando. Charles Foschini, senior managing director, and Chris Apone, managing director, both of Berkadia’s Miami office, secured the financing. Two weeks ago, the same Berkadia team secured financing for the acquisition of an apartment community in Huntsville, Ala.