Insula Cos. Lands $46M Refi for Orlando-Area Asset
- Feb 07, 2020
Insula Cos. has obtained a $45.9 million Freddie Mac loan to refinance Ridge @ 4100, a 320-unit community in Kissimmee, Fla. Working on behalf of the borrower, Berkadia originated the 10-year, floating-rate loan with five years of interest-only payments. According to Yardi Matrix data, Berkadia also arranged the acquisition loan for the Class B asset in 2018, when Insula purchased the property from Waypoint Residential for $49 million.
Located at 4100 Arrow Ridge Place, Ridge @ 4100 consists of 16 two- and three-story buildings developed in 1999 on more than 19 acres. The community’s one- to four-bedroom floorplans range from 697 to 1,336 square feet. Amenities include a clubhouse, fitness studio, volleyball court and swimming pool. Yardi Matrix data shows the property was 97.8 percent occupied as of December.
Ridge @ 4100 is 4 miles northwest of city center and 1 mile north of a large retail area alongside Irlo Bronson Memorial Highway. Downtown Orlando is some 23 miles north, while Walt Disney World Resort is 9 miles northwest of the community.
Berkadia Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins secured the loan on behalf of Insula Cos. The brokerage duo was also part of the team which arranged a $323 million refinancing for a 13-property portfolio owned by STAR Real Estate Ventures.