Palm Beach Gardens, Fla. (May 17, 2019) – Berkadia announces it has secured $79.53 million in refinancing for Turnbury at Palm Beach Gardens, a 540-unit multifamily asset in Palm Beach Gardens, Florida. Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Analyst Lourdes Carranza-Alvarez of Berkadia’s Miami office arranged the loan on behalf of Advenir at PGA, LLC.
Berkadia originated and Freddie Mac purchased a 7-year, fixed rate loan with 3 years interest only. The LTV ratio was 80 percent.
“Advenir bought this deal just over a year ago and began implementing a value-add plan,” said Foschini. “When rates dropped, they used their position as a select sponsor and worked with Berkadia and Freddie Mac to convert the loan from a floater to a long-term fixed, protecting their investors from interest rate volatility and creating long-term cash flow benefits to continue the improvement plan.”
Built in 1974, Turnbury at Palm Beach Gardens is located at 4120 Union Square Boulevard. One-, two- and three-bedroom units include walk-in closets, dishwasher, range, balcony and crown molding. Community amenities include three swimming pools, new lounge furniture, summer kitchen with grilling station, 24-hour fitness center, basketball court, fitness trail and bark park.
Situated just north of West Palm Beach, Turnbury at Palm Beach Gardens is found near important transit corridors and employment hubs. The Gardens Mall, a 1.4 million-square-foot enclosed shopping mall, is less than 10 minutes away, offering more than 160 specialty shops and restaurants. Interstate 95 is less than five minutes away, and recreational areas including John D. MacArthur State Park and Juno Beach are 15 minutes away.