ORLANDO, Fla. – March 8, 2019 – Berkadia secured a $34.76 million construction loan for Solaire, a to-be-built garden-style multifamily property in Sarasota, Florida. Senior Managing Director Marc Sumner of Berkadia’s Orlando office secured the loan on behalf of Florida-based Remi Properties, Inc.
The three-year adjustable loan features a LIBOR-based interest-only rate. The loan represented 70 percent of cost not to exceed 70 percent loan-to-value ratio.
“The subject property represents an excellent investment opportunity in a superb location proximate to University Town Center, Lakewood Ranch and multiple employment centers,” said Sumner.
Located at 5380 DeSoto Road, Solaire will offer one-, two- and three-bedroom floor plans with a state-of-the-art fitness center, a clubhouse and a pool. Solaire affords convenient access to University Boulevard and Interstate 75.