Suburban Orlando Apartments Close $23M Refi
The financing was secured ahead of a big loan maturity.
Multifamily landlord Advenir has obtained about $23.16 million in refinancing for Advenir at Magnolia, a 272-unit, garden-style community in Fern Park, Fla., an unincorporated northern suburb of Orlando. Berkadia originated the loan, which was issued by Freddie Mac.
The five-year, fixed-rate loan has an extended interest-only period and a 60 percent loan-to-value ratio. Berkadia Miami senior managing director Charles J. Foschini, managing director Christopher Apone, vice president of originations Lourdes Carranza-Alvarez and associate director Shannon Wilson procured the financing.
Advenir, at a glance
Advenir purchased the property from Investors Management Group in 2016 for $18 million, according to Yardi Matrix. The 2025 refinance was able to return equity to the borrower just ahead of a pending loan maturity, Foschini noted in a statement.
Developed in 1973, the community was 1973 originally called Parkview Crossing and Cypress Springs under its previous ownership. It is currently 90.4 percent occupied, Yardi Martix notes. It sits on 13 acres at 210 Welcome Way, roughly 10 miles north of downtown Orlando. The community is sectioned into studio, one- and two-bedroom units averaging 800 square feet. Rents average $1,342 a month this year, up from $1,117 a month in 2021, Yardi Matrix reports.
Common-area amenities include two resort-style pools, grilling stations, a 24/7 fitness center and business center, as well as laundry facilities. Other amenities include a lighted tennis court, two basketball courts and three racquetball courts.
Aventura, Fla.-based Advenir, founded by Stephen L. Vecchitto, currently manages and owns more than 13,000 multifamily units jointly with investors. The company’s properties are primarily located in Florida, and it also has holdings in Texas, Colorado, Alabama, Georgia and the Carolinas.
Orlando multifamily development still robust
Though rents are beginning to edge down, multifamily development still has momentum in Orlando, in contrast to most U.S. apartment markets. As of January, 23,325 units were underway in the market, Yardi Matrix reports. While most metros saw multifamily starts slowing down, Orlando recorded a more than 20 percent increase in starts last year.
READ ALSO: Orlando Multifamily Report – December 2024
In 2024, developers completed 16,562 units, or 5.9 percent of existing stock in greater Orlando, which is 260 basis points above the U.S. rate of deliveries. The figure is a decade peak for the Orlando market. Based on the current pipeline, Yardi Matrix expects another 14,000 units to be completed this year.
Year-over-year, Orlando asking rents were down 2 percent in 2024, with only a few markets – such as Atlanta (down 2.2 percent), Phoenix (down 2.4 percent) and Austin (down 5.4 percent) – seeing a large slide over the same period.
