Gainesville, Fla. (June 11, 2018) – Berkadia announces it has arranged $15.5 million in acquisition financing for Aviara, a 242-unit multifamily asset in Gainesville, Florida. Berkadia South Florida’s Senior Managing Director Charles Foschini and Managing Director Christopher Apone arranged the loan on behalf of Beachwold Residential, a real estate investment firm based in New York City, along with John Reed of Berkadia’s Richmond, Virginia office. Berkadia’s Jacksonville-based Investment Sales team led by Greg Rainey arranged the sale of the property.
Bank United originated the five-year term loan with a 75 percent loan-to-cost.
“Gainesville’s consistent apartment demand continually attracts investors that seek areas with proven fundamentals, including robust employment figures and a steady stream of residents,” said Foschini. “Demand drivers such as the University of Florida, Malcolm Randall VA Medical Center and UF Health – Shands Hospital create compelling investment opportunities in the area.”
Built in 1972, Aviara is located at 205 SE 16 Avenue. One-, two-, and three-bedroom units offer new high-end cherry finish cabinets, granite countertops, stainless-steel appliances, walk-in closets, and private entries. Community amenities include two outdoor swimming pools with expansive pool decks, clubhouse, business center, fitness center, cyber café with Wi-Fi, tennis court, sand volleyball court, and a playground.
Aviara is situated near important transit routes and employment hubs, including Downtown Gainesville and University of Florida. Interstate 75 and Downtown Gainesville are less than 10 minutes away, and University of Florida is only five minutes away.