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Wednesday, 11 April 2018

Berkadia Writes $22.15Mln Freddie Mac Loan Against Fla. Apartments

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Berkadia has written a $22.15 million Freddie Mac loan against the 272-unit Advenir at Magnolia apartment property in the Orlando, Fla., suburb of Fern Park, Fla.

The loan, written under the agency's Multifamily Green Advantage program, allowed the property's owner, Advenir Inc., to refinance existing debt against the 45-year-old property. The program provides a lower coupon, but requires the sponsor to make water- and energy-saving upgrades.

The loan has a seven-year term and requires only interest payments for the first three years, after which it amortizes.

Advenir at Magnolia contains 20 two-story buildings with studios, one- and two bedroom units, each of which has a balcony or patio, walk-in closets, as well as washer and dryer hookups. The complex, at 210 Welcome Way, near the Altamonte Mall, includes two swimming pools, basketball courts, racquetball courts, tennis court and a fitness center.

Comments? E-mail Orest Mandzy, or call him at (267) 327-4281.


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Additional Info

  • Syndicate to Realpoint: No
  • States: Florida
  • Sector: Multifamily
  • Subject: Mortgages/Financing (MOR)
  • Company: Freddie Mac, Berkadia Commercial Mortgage
  • Valuation: Between $10 million and $25 million
  • Private: No
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Dan Moynihan

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