Orlando, Fla. (October 3, 2019) – Berkadia announces it has secured a $22.8 million loan for the recapitalization of Avery Place Villas, a 172-unit garden-style apartment community located in Orlando, Florida. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia’s Miami, Florida office, along with Senior Managing Director John Reed and Vice President Pauline Crytzer of Berkadia’s Richmond, Virginia office arranged the financing on behalf of BW Avery Place, LLC.
Berkadia originated and Freddie Mac purchased the 10-year, fixed-rate loan, with five years interest only and a 75 percent loan to value.
“We’ve been fortunate to represent this sponsor twice on this property,” said Foschini. “When Beachwold acquired the deal thru Berkadia two years ago, we originated a bridge loan thru a life company correspondent which provided the capital to transform the asset and fulfill the owner’s vision for the community. Upon stabilization, we were able to take advantage of that value creation with an aggressive refinance through Freddie Mac. Working together with our Virginia-based capital markets team, we secured a low fixed-rate and enviable interest-only period to ensure the success of the investment for many years to come.”
Located at 5917 Mustang Place, Avery Place was built in 1984 and consists of single-story one-, two- and three-bedroom units ranging from 970 square feet to 1,535 square feet. Units include washer/dryer, attached garages, and cathedral ceilings in some units. Community amenities include a twin pool oasis with WiFi, a 24-hour fitness center, internet café, business center and lighted tennis courts.
The property is located in a mature Orlando neighborhood, roughly five miles from downtown Orlando, and is easily accessible via Curry Ford Rd., a major throughway.