Insula Cos. Obtains $22M Refi for North Orlando Community
- Apr 06, 2020
Insula Cos. has received a $21.9 million Freddie Mac loan to refinance The Edge at Lake Lotus, a 168-unit value-add community in Altamonte Springs, Fla. Berkadia provided the borrower with the 10-year, floating-rate financing with five years of interest-only payments.
According to Yardi Matrix data, this is the second property refinancing in 14 months. In February 2019, Berkadia also originated a $17.3 million loan through Freddie Mac for the same property. The firm also provided Insula Cos. with a $15.1 million Freddie Mac acquisition loan in 2017.
Located at 569 Little River Loop, the Class B community consists of 10 two- and three-story buildings developed in 1987 across 2 acres. The unit mix features studios and one- to three-bedroom apartments, ranging from 650 to 1,250 square feet. Amenities include a clubhouse, fitness center, swimming pool, bocce court and bike racks.
The property is some 10 miles north of downtown Orlando, adjacent to State Road 434, with Interstate 4 to the east. Seminole State College of Florida – Altamonte Springs, an institution having roughly 1,500 employees and serving about 30,000 students, is less than a mile south. The immediate area also holds two shopping malls within a 1-mile radius.
Berkadia Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins secured the refinancing. Recently, the brokerage duo also assisted Insula Cos. in refinancing another Orlando-area property, a 320-unit community in Kissimmee, Fla.