Orlando Community Lands $48M Acquisition Loan | Multi-Housing News
Berkadia Secures $47.675 Million in Acquisition Financing for 328-Unit Multifamily Community | Multifamily Biz
Berkadia Secures $47.675 Million in Acquisition Financing for 328-Unit Multifamily Community | CityBizList
Berkadia Secures $47.675 Million in Acquisition Financing for 328-Unit Multifamily Community | Multifamily Press
Orlando, Fla. (July 10, 2018) – Berkadia has arranged $47.675 million in acquisition financing for Veve at Castle Hill, a 328-unit multifamily community located in the Clermont submarket of Orlando. Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Senior Analyst Lourdes Carranza-Alvarez secured the loan on behalf of Advenir, a real estate investment and management firm based in Miami.
Freddie Mac originated the 10.5-year loan with 10 years interest only. The LTV ratio was 70 percent.
“The Orlando MSA has proven to be a well-established multifamily market for numerous reasons. With an economically diverse center for business, excellent location in central Florida and moderate cost of living, the area will continue to attract investment as strong market performance is expected despite rising interest rates,” said Foschini. “Orlando’s below state average unemployment rate and exponential growth trend create exceptional fundamentals for a flourishing multifamily market.”
Built in 2017, Veve at Castle Hill is located at 13600 Hartle Groves Place. One-, two-, and three-bedroom units feature faux wood plank flooring, raised panel interior doors with brushed nickel hardware, washer and dryer, chef-inspired kitchens, and high-end European-style vanity doors with brushed nickel hardware. Community amenities include a 4,200-square-foot swimming pool, sun deck with cabanas, fire pit, massage room, clubhouse and 24-hour fitness center.
Situated in the Clermont submarket of the Orlando MSA, Veve at Castle Hill is found near important transit routes and employment hubs. Florida’s Turnpike and West Colonial Drive are less than 10 minutes away, providing easy access to downtown Orlando and Orlando International Airport. Universal Orlando is less than 30 minutes away and Walt Disney World is under 40 minutes away from the community, offering close proximity to major economic drivers.