Berkadia Arranges $35M in Financing for Eagle Property Capital’s Acquisition of Two Apartment Communities in Orlando
ORLANDO (January 6, 2022) – Berkadia announces it has secured financing for Eagle Property Capital (EPC) to acquire a two-property multifamily housing portfolio in Orlando, Florida with a combined total of 310 units. The properties are Carlyle Court and Pendelton Park Villas, located across the street from each other. EPC will consolidate operations and rebrand the entire community under the name “Sunset Place” and will implement a thorough repositioning strategy for both properties.
Senior Managing Director Mitch Sinberg, Managing Director Matt Robbins and Senior Analyst Abigail Beauchamp of Berkadia Boca Raton, along with Managing Director Brad Williamson of Berkadia Miami, Mortgage Banking secured the financing on behalf of EPC, a real estate investment manager based in Miami, Florida. These acquisitions mark EPC’s entry into the Orlando market.
Fannie Mae provided the $35 million,10-year loan, with five years of interest only.
“Carlyle Court and Pendelton Park Villas have quick access to Orlando’s major employment drivers and new ownership can increase income by 30% upon completion of the value-add program,” said Robbins. “We were delighted to help EPC enter the Orlando market and add to their growing Central Florida portfolio with the addition of these assets, which align perfectly with their acquisition strategy.”
Located at 5975 Curry Ford Road, Carlyle Court was built in 1973 and offers 100 units of studio and one-bedrooms ranging from 600 to 625 square feet. Individual units offer wood-style vinyl flooring, ceiling fans, raised-panel cabinetry with new cabinet pulls, stainless steel appliances and screened-in patios and balconies. Community amenities include a swimming pool with a turf sundeck and hammocks, a state-of-the-art fitness center, BBQ and picnic area, business center, attractive courtyard landscaping and on-site laundry facilities and leasing office.
Located at 5953 Curry Ford Road, Pendelton Park Villas was built in 1973 and offers 210 units of studio, one-, two- and three-bedroom single-story villas ranging from 550 square feet to 1,250 square feet. Individual units offer wood-style vinyl flooring, ceiling fans, stainless steel microwaves, raised-panel cabinetry with new cabinet pulls, screened in patios and washer and dryers in all units except the studios. Community amenities include two swimming pools with turf sundecks, BBQ and picnic areas, a dog park, car wash, tennis court, business center and an on-site laundry facility.
Situated in the Orlando metro area, Carlyle Court and Pendelton Park are close to the Orlando International Airport, Florida Mall, the Orlando Regional Medical Center, Downtown Orlando and Keiser University.