ORLANDO (May 5, 2020) – Berkadia announces it has secured $37.33 million in financing for the recapitalization of Advenir at Polos East Apartments, a 308-unit apartment community located in Orlando, Fla. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s Miami office arranged the financing on behalf of the borrower, Miami-based Advenir.
Berkadia originated and Freddie Mac purchased the 7-year, fixed-rate loan with full-term interest only, at a 70 percent loan to value.
“Freddie Mac continues to provide liquidity to the marketplace and execute smart business with exceptional terms,” said Foschini. “While this transaction was signed up just as the full force of the pandemic was being felt in our economy, Freddie Mac, the Berkadia team and the client worked tirelessly and often remotely to execute the due diligence and fund the loan without delay.”
Located at 1700 Woodbury Road, Advenir at Polos East was built in 1990 and consists of a mix of one-, two- and three-bedroom apartments with an average unit size of 877 square feet. Amenities at the pet-friendly community include a resort-style swimming pool; 24-hour fitness center; sauna; basketball, volleyball, tennis and racquetball courts; Internet café; and game room.
Advenir at Polos East is conveniently located just 10 minutes from the University of Central Florida, 20 minutes from downtown Orlando, and in close proximity to a host of shopping, entertaining and dining destinations.