Orlando Affordable Housing Scores $20M Refi
- Sep 06, 2017
Berkeley Point Capital recently completed a $20 million refinancing for Sand Lake Pointe Apartments, a 312-unit affordable housing community in Orlando. The loan was securitized with Ginnie Mae on a 35-year fully amortizing term.
The Orlando-based private owner/operator, a long-term client of Berkeley Point, specializes in affordable housing under the LIHTC program, which targets families and seniors at 60 percent or lower of the area median income. Sand Lake Pointe is a project within the client’s portfolio, which includes about 10,000 units in the Southeastern United States.
Sand Lake Pointe offers two-, three- and four-bedroom units. Common amenities include a clubhouse, fitness center, computer lab, swimming pool, playground and barbecue/picnic areas.
Metro Orlando, formerly characterized by relatively low rents, currently has one of the most severe affordable housing shortages in the country, with only 18 rentals available for every 100 very low-income households, according to the National Low Income Housing Coalition. Only Las Vegas and Los Angeles have it worse.
Statewide, there are 22 rentals available per 100 very low-income household. Demand is up while supply is down. The Shimberg Center for Housing Studies at the University of Florida reported recently that between 1993 and 2012, Florida lost as many as 51,000 publicly subsidized rental units. By 2020, another 43,200 subsidized rental units could be gone.