ORLANDO (November 13, 2020) – Berkadia announces it has secured a $49.65 million loan for the acquisition of Montevista at Windermere, a 360-unit apartment community located in Orlando, Florida. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office secured the financing on behalf of Taurus Investment Holdings LLC, a global real estate private equity firm.
“Taurus has been active in the Orlando market for over 25 years and maintains strong confidence in the economic demand and resiliency of the area,” says Peter A. Merrigan, CEO of Taurus. “During a time of market uncertainty, this transaction highlights the unwavering commitment, discipline and diligence the Taurus team and our investment partners had in bringing this deal to the finish line.”
Berkadia originated, and Freddie Mac purchased, the 10-year, floating-rate loan with five years interest only and a 75% LTV.
“With Freddie Mac’s competitive terms and rate, Montevista at Windermere presented Taurus with an excellent opportunity to acquire a well maintained multifamily property at below replacement cost in one of Orlando’s most coveted, upscale neighborhoods,” said Sinberg.
Located at 6421 Conroy Road, Montevista at Windermere was built in 1989 and features a mix of townhome-style units with one- and two-bedroom floor plans ranging from 550 square feet to 1,145 square feet. Individual apartments feature vaulted ceilings, oversized windows, French doors to screened-in patios/balconies, walk-in closets and fireplaces. Some recently renovated units also feature new stainless steel appliances, quartz countertops, and faux-wood flooring. Community amenities include a resort-style pool with cabanas, raised wood poolside sundecks, gym-quality fitness center, internet café with coffee bar, poolside clubhouse with fireplace, lighted tennis courts, bark park with agility equipment, car care center, barbecue area and pergola-covered fire pit.
The property is nestled in a serene tropical setting with mature landscaping just 10 minutes from downtown Orlando, with convenient access to I-4, SR 408 and Florida’s Turnpike. The property is just minutes from Windermere’s “A”-rated schools, Orlando’s “Restaurant Row” on Sand Lake Road, and a host of large white-collar employers such as Lockheed Martin and Orlando Health, along with Valencia College and Universal Orlando.