ORLANDO, Fla. – January 11, 2018 – Berkadia today announced it secured $135.7 million in combined financing for two properties in Florida. Senior Managing Director Marc Sumner of Berkadia’s Orlando office secured both financings through two separate life insurance companies, and the deals closed in late December 2017.
Sumner secured $80 million in permanent, construction financing for The Yard at Ivanhoe through New York Life for a term of 11-years. The property is a mixed-used project and is being developed by Real Estate Inverlad, an Orlando, Florida-based company.
“The Yard at Ivanhoe consists of 591 apartments and 27,000 square feet of retail. We believe this property will set the bar for multifamily in Orlando, and we were excited to see this deal come to fruition,” said Sumner.
Grand Boulevard Sandestin, a 469,000 square-foot town center located in Miramar Beach, Florida, also received $55.7 million in refinancing. Berkadia secured the 10-year loan for GB Retail LLC.