Orlando Community Lands $48M Acquisition Loan
- Jul 12, 2018
Berkadia has secured a $47.7 million acquisition loan for Veve at Castle Hill, a 328-unit community in Orlando’s Clermont submarket, on behalf of buyer Advenir. The Freddie Mac, 10.5-year loan with 10 years interest only has a 70 percent loan-to-value ratio.
Located at 13600 Hartle Groves Place, the 2017-built property was 82 percent occupied at the time of the financing, according to Yardi Matrix. The community situated on a 25-acre site encompasses one-, two- and three-bedroom units.
Interior amenities include faux-wood plank flooring, raised-panel interior doors with brushed nickel hardware, washers, dryers, chef-inspired kitchens and European-style vanity doors with brushed-nickel hardware. Common-area amenities include:
- fitness center
- swimming pool
- sundeck with cabanas
- fire pit
- 640 parking spaces
- fire sprinklers
Orlando: solid fundamentals
Berkadia Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Senior Analyst Lourdes Carranza-Alvarez led the negotiations.
“The Orlando MSA has proven to be a well-established multifamily market for numerous reasons. With an economically diverse center for business, excellent location in central Florida and moderate cost of living, the area will continue to attract investment as strong market performance is expected despite rising interest rates,” said Foschini in prepared remarks. “Orlando’s below-state average unemployment rate and exponential growth trend create exceptional fundamentals for a flourishing multifamily market.”
The property offers easy access to Florida’s Turnpike and West Colonial Drive. The Orlando International Airport, Universal Orlando and Walt Disney World are all located nearby.
Earlier in the year, Berkadia secured a total of $73.9 million in financing for another two Florida communities: Advenir at the Oaks in Orlando’s submarket of Ocoee and The Queue Apartments in Fort Lauderdale.
Image courtesy of Yardi Matrix