Alexan Crossroads acquired for $64 million
Orlando, Fla. (May 10, 2018) – Berkadia announces it has arranged $41.92 million in acquisition financing for Alexan Crossroads, a 314-unit class “A+” garden style community located in Orlando. Senior Managing Director Charles Foschini, Managing Director Christopher Apone, and Senior Analyst Lourdes Carranza-Alvarez of Berkadia South Florida arranged the loan on behalf of Harbor Group International, a real estate management and investment firm based in Norfolk, Virginia.
The fixed-rate loan was originated by a major life insurance company, with a five-year loan term with two one-year extension options and three years interest only. The LTV ratio was 65 percent.
“Orlando’s sustained job growth is supporting consistent apartment demand that has driven effective rents up 5.6 percent since Q1 2017,” said Foschini. “Nine out of the 11 job sectors expanded annually through January, ranking the Orlando metro area #1 in the U.S. for employment growth. The city’s growth will continue to serve as an attractive option for investors who seek newly built communities in areas with high employment figures.”
Built in 2016, Alexan Crossroads is located at 7261 Crossroads Garden Drive. One-, two-, and three-bedroom units offer wood plank-style flooring, stainless steel appliances, granite counters, kitchen tile backsplash, washer/dryer, and private balconies with French doors. Community amenities include a zero-entry salt water swimming pool, summer kitchen with multiple grilling stations, yoga/spin room, two-story fitness center, and expansive two-story clubhouse.
Located within the South Orlando submarket, the community is found near important transit routes and large employment hubs. Alexan Crossroads is adjacent to Central Florida GreeneWay, providing easy access to destinations throughout the South Orlando region. Walt Disney World is only 10 minutes away, as well as Lockheed Martin’s campus.