Orlando, Fla. (April 11, 2018) – Berkadia announces it has secured a $22.15 million refinance loan for Advenir at Magnolia, a 272-unit multifamily community located 20 minutes north of Orlando, Florida. Senior Managing Director Charles Foschini, Managing Director Christopher Apone, and Senior Analyst Lourdes Carranza-Alvarez of Berkadia’s South Florida office arranged the loan on behalf of Advenir at Magnolia, LLC, a real estate investment firm related to Advenir, Inc.
Freddie Mac originated the seven-year loan with three years of interest only at a competitive interest rate through its Multifamily Green Advantage® Program, which provides discounted loan pricing for water- and energy-saving property retrofits. The permanent financing was originated with a 75 percent LTV ratio.
“In a climate of rising interest rates and steep competition in the multifamily space, Fannie Mae and Freddie Mac’s green loan programs have become even more popular, since they can shave 10 to 30 basis points off of the loan,” said Foschini. “We expect to see more owners getting off the sidelines and refinancing or buying in 2018 to get ahead of further rate increases.”
Advenir at Magnolia was built in 1973 and offers studio, one- and two-bedroom apartments in a garden-style community consisting of 20 two-story buildings. Each apartment has a private balcony or patio, skylights, a large walk-in closet, washer and dryer hookups, sleek and modern appliances and beautiful finishes throughout. Amenities include two swimming pools and basketball courts, three racquetball courts, a tennis court, fitness and business centers, a dog park and play area for children.
Located at 210 Welcome Way in Fern Park, Advenir at Magnolia is located northeast of Orlando near the Altamonte Mall, Maitland Community Park and Rollins College, and offers convenient access to I-4. Downtown Orlando, and surrounding attractions and employment centers, are just 20-30 minutes from the property.