Orlando, Fla. (March 16, 2018) – Berkadia has secured $40.5 million in acquisition financing for Art Avenue Apartment Homes, a 300-unit garden style community located in Orlando. Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins, and Senior Analyst Wesley Moczul of Berkadia’s South Florida office arranged the loan on behalf of Robbins Property Associates, a real estate company with offices in Tampa and Boston. The seller was Colony NorthStar, Inc, an equity REIT based in Los Angeles, California.
Freddie Mac originated a 10-year, floating rate loan with a competitive LTV ratio and five years of interest only.
“Central Florida’s workforce will continue to attract investors that seek stable returns on newly built properties,” said Sinberg. “The region’s unemployment rate continues declining, with multimillion dollar construction projects in the pipeline, such as a new Amazon distribution center, new Drive Shack facility, and a KPMG training facility, all in Lake Nona.”
CareerSource Central Florida has found a 3.8 percent unemployment rate in January, below the state’s average of 4.1 percent
Art Avenue is 300-unit multifamily asset located at 10201 Lee Vista Boulevard. Studios, one-, two-, and three-bedroom units offer granite-look counters, sleek stainless steel appliances, stylish wood-like flooring, and patio/terrace. Community amenities include an internet lounge with Mac/Apple computers, coffee bar, spacious fitness center, children’s art room, resort-style pool, and outdoor fire pit.
Built in 2014, Art Avenue is situated in southeast Orlando, between large-scale employment hubs and transit routes. Orlando International Airport is only 10 minutes away, and University of Central Florida, the nation’s second-largest university by enrollment, is approximately 15 minutes away. Central Florida Greenway Expressway is about two minutes away, and Martin Andersen Beachline Expressway is less than 10 minutes away.