Orlando Community Lands $40M Refi | Multi-Housing News
Berkadia Secures $39.54 Million Refinance Loan for 408-Unit Multifamily Community Near Orlando | Multifamily Biz
Advenir Secures $39.54M in Refinancing for Florida Apartments | CIJ USA
Ocoee, Fla. (March 6, 2018) – Berkadia announces it has secured a $39.54 million refinance loan for Advenir at The Oaks, a 408-unit multifamily community in Ocoee, Florida. Senior Managing Director Charles Foschini, Director Christopher Apone, and Senior Analyst Lourdes Carranza-Alvarez of Berkadia’s South Florida office arranged the loan on behalf of Advenir at The Oaks, LLC, a real estate investment firm related to Advenir, Inc.
Freddie Mac originated the seven-year term loan with three years of interest only at a competitive interest rate. The permanent financing was also originated with a 75 percent LTV ratio.
“As the Orlando metro area’s employment is expected to grow by 3.4 percent, the 43,000 jobs added will help maintain demand for multifamily housing, even as additional units come online” said Foschini. “Average monthly effective rents are forecast to rise 2.2 percent to $1,232 by year-end, signaling a growing market with compelling opportunities.”
Located at 3100 & 3200 Old Winter Garden Road, Advenir at The Oaks is a 408-unit multifamily complex built in two phases from 1989 to 1991. One-, two-, and three-bedroom units throughout 20 three-story and nine two-story buildings feature walk-in closets, window coverings, dishwasher, and range. Community amenities include fitness center, spa, swimming pool, a basketball court and tennis court.
Situated near central Orlando, Advenir at The Oaks is surrounded by main thoroughfares and large-scale employers. Florida’s Turnpike is located less than 10 minutes away, and Spessard L. Holland East-West Expressway is only five minutes away. Downtown Orlando is found just 20 minutes from the property, and attractions such as Universal Orlando Resort and Walt Disney World are 20 minutes and 30 minutes away, respectively.