Orlando Community Lands $23M Recap
- Oct 04, 2019
Beachwold Residential has obtained a $22.8 million Freddie Mac financing for the recapitalization of Avery Place Villas, a Class B, 172-unit garden-style community in Orlando, Fla. Berkadia secured the 10-year, fixed-rate loan that features a 75 percent loan-to-value ratio and five years of interest-only payments. According to Yardi Matrix data, Beachwold acquired the property in 2017 for $25 million, from Aspen Square Management.
Located at 5917 Mustang Place in the Engelwood Park submarket, the property is roughly 6 miles east of downtown Orlando, adjacent to LaCosta Urban Wetlands. Spessard L. Holland East-West Expressway is 2 miles north and Orlando International Airport is 7.5 miles south of the community.
Built in 1984, Avery Place consists of 80 single-story buildings spread across 19 acres. The unit mix offers one- to three-bedroom apartments ranging from 970 to 1,535 square feet. Community amenities include two pools with Wi-Fi, a fitness center, an internet café, a business center and lighted tennis courts. The property was 94.2 percent occupied as of August, according to Yardi Matrix data.
Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia’s Miami office, together with Senior Managing Director John Reed and Vice President Pauline Crytzer of Berkadia’s Richmond, Va., office have arranged the financing on behalf of the owner. Foschini and Apone have also recently arranged a $26.3 million loan for the acquisition of a Tampa garden-style community.