ORLANDO, Fla. – November 5, 2018 – Berkadia today announced $47.8 million in combined financing for Woodhaven Apartments and Urbana Luxury Apartments, two multifamily properties in Central Florida. Senior Managing Director Marc Sumner of Berkadia’s Orlando, Florida office secured both loans.
Berkadia secured a $35.5 million refinancing for Urbana Luxury Apartments through one of their correspondent life company clients on behalf of Florida-based BB Hunter’s Developments LLC. The 20-year fixed-rate loan features a 4.4 percent interest rate and a 60 percent loan-to-value ratio, and the deal closed on October 12.
Woodhaven Apartments received a $12.3 million refinancing with a 30-year term, 15 years interest only followed by 30-year amortization. The loan represented 65 percent of value. Berkadia secured the financing on behalf of Woodhaven Properties LLC, based in Florida, through Fannie Mae. The deal closed on September 28.
“Woodhaven represents an excellent investment opportunity with strong local sponsorship in a very tight market,” says Sumner.
Woodhaven Apartments is located at 1913 Wood Haven Circle in Rockledge, Florida. The property features two-bedroom units with walk-in closets, private screened patios and stainless-steel appliances. Residents also have access to a 24-hour fitness center, a pool and a courtyard. The property affords convenient access to Village Green Shopping Center and Larry L. Schultz Park.
Located at 4403 Hunters Park Lane, Urbana Luxury Apartments is conveniently located in the Hunter’s Creek neighborhood of Orlando, Florida. The property features one-, two- and three-bedroom floor plans with concrete construction, a state-of-the-art fitness center, a business center, a resort-style swimming pool, a pet spa, a coffee lounge, a rooftop garden and upgraded finishes.