Advenir scores $80M loan to renovate Palm Beach Gardens rental complex

Aventura-based firm paid $97.25M for the property

Feb.February 08, 2018 05:30 PM

The Fountains and Berkadia’s Charles Foschini (Credit: Berkadia)

Aventura-based Advenir just closed on an $80 million loan to renovate a multifamily apartment complex it just purchased in Palm Beach Gardens, according to a press release.

Freddie Mac provided the financing for the 542-unit rental community at 4120 Union Square Boulevard. An affiliate of Advenir earlier this month paid $97.25 million, or about $179,430 per unit, for the complex, called the Fountains.

A partnership between BRT Apartments Corp. and other investors sold the property. ARA Newmark’s Hampton Beebee, Avery Klann, Jonathan Senn, Matt Scarola, Dick Donnellan and Marc deBaptiste represented the seller in the trade.

Berkadia’s Charles Foschini, Mitch Sinberg, Chris Apone, Matt Robbins and Lourdes Carranza-Alvarez helped Advenir secure the financing. The company acquires and operates multifamily rental communities throughout the United States.

Built in 1974, the Fountains features one-, two- and three-bedroom units averaging about 1,000 square feet. It was last renovated in 2009, and sold about 95 percent occupied, according to the release.

Advenir plans to use the financing to renovate some of the community’s amenities, including three swimming pools, dog parks, and a clubhouse with a fitness center. The financing will also be used to update the exterior and interiors of apartments, according to the release.

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