ORLANDO, Fla. – August 7, 2018 – Berkadia today announced the $33.9 million financing for The Preserve at Longleaf, a garden-style multifamily property in Melbourne, Florida. Senior Managing Director Marc Sumner of Berkadia’s Orlando, Florida office secured the permanent refinancing through Fannie Mae on behalf of Florida-based The Preserve at Longleaf Partners LLC. The deal closed on August 3.
The 30-year loan features 15 years interest-only and a 65 percent loan-to-value ratio.
“The Preserve at Longleaf represented an excellent investment opportunity with quality sponsorship and superior product,” says Sumner.
Located at 4465 Preserve Drive, The Preserve at Longleaf features one-, two- and three-bedroom floor plans with walk-in closets, a separate dining area, washers and dryers and fully-equipped kitchens. Select units also feature wood-style flooring and private balconies. Enclosed garages or storage units are available for rent. Residents can also enjoy several amenities on the property, including a swimming pool, a fitness center, a basketball court, picnic and grilling areas and a clubhouse. The property affords convenient access to Eastern Florida State College’s Melbourne Campus, Pinehurst Gardens and Interstate Route 95.