The 218-unit AMLI Flagler Village was acquired with a $43.25 million loan from Freddie Mac
Fort Lauderdale, Fla. (September 8, 2020) – Berkadia secured financing for Jenco Properties to acquire AMLI Flagler Village, a condo-quality, mid-rise multifamily property consisting of 218 loft-style apartments and 7,200 square feet of ground-floor office space in the Flagler Village neighborhood of Fort Lauderdale, Fla. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia’s Miami-based Mortgage Banking team secured $43.25 million in financing for Jenco. The property will be renamed Aviah Flagler Village.
Berkadia originated, and Freddie Mac purchased, the 10-year, fixed-rate loan with full-term interest only.
“This loan continues the unique relationship that Berkadia and Freddie Mac shares with its borrowers,” said Foschini. We were able to place a loan with an extremely aggressive interest-only rate for the client which secures continuation of cash flow for years to come. While every transaction has its challenges, the pressure was immense in this one as it required first finding a replacement asset for the family at a time when many assets have been pulled from the market, and secondly, ensuring the loan came together in a way that allowed the acquisition and protected the investment. The Freddie Mac loan achieved all of those goals.”
Located at 440 NE 4th Avenue, AMLI Flagler Village was built in 2009 and is a condo-quality asset uniquely featuring loft-style units averaging 1,047 square feet (among the largest in this submarket), first floor private yards, and captivating community amenities. One-, two- and three-bedroom units range in size from 675 to 1,355 square feet. Amenities include a resort-style swimming pool with sundeck, a two-story, 24-hour fitness center with strength and cardio training zones; a Yoga, spinning, and aerobic studio; a cyber lounge and private dog park and paw wash; and a 24/7 controlled access Luxer One package room. The former owner completed $1.3 million in capital improvement projects around the property since 2017.
The property is ideally located in Flagler Village, an emerging arts neighborhood in Fort Lauderdale’s downtown that is home to dozens of eateries, markets, boutiques and galleries, most unique to this area. With a 93 Walk Score, theproperty has access to rapidly expanding nearby amenities and the most active employment market in Broward County. The property is just blocks away from Fort Lauderdale’s Brightline train Station, offering direct service to Miami and West Palm Beach now, and eventually Orlando and Tampa.