Altamonte Springs, Fla. (March 31, 2020) – Berkadia announces it has secured $21.864 million in refinancing for The Edge at Lake Lotus, a 168-unit community in Altamonte Springs, Florida. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office secured the refinancing on behalf of Insula Companies, a real estate and management firm based in Sarasota, Florida.
Berkadia originated and Freddie Mac purchased the 10-year, floating-rate loan with five years interest only.
“With the greater Orlando market experiencing consistent population growth, nearby communities like Altamonte Springs will benefit from the continued demand for housing throughout the MSA,” said Sinberg. “Value-add properties like The Edge at Lake Lotus will create renting opportunities for workforce families established in or settling into the area, giving the sponsor an opportunity to further enjoy the area’s strong fundamentals.”
Built in 1987, The Edge at Lake Lotus is located at 569 Little River Loop. One-, two- and three-bedroom units include hardwood floors, vaulted ceilings, stainless steel appliances, dishwasher, washer/dryer and range. Community amenities include a clubhouse, swimming pool and Wi-Fi throughout the property’s common areas.
Situated about 15 minutes away from Downtown Orlando, the community is located near important transit routes, employers and retail options. Interstate 4 is under 10 minutes away, offering access to the greater Orlando area and central Florida. Seminole State College of Florida – Altamonte Springs is less than five minutes away, employing approximately 1,500 employees and serving about 30,000 students throughout the system. Altamonte Mall is about 10 minutes away.