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Buyer borrows $41.9M to finance acquisition of 314 rentals in Orlando
Berkadia arranged the loan, which has a five-year term, three years of interest-only payments and a 65% loan-to-value ratio
A Virginia-based firm landed a $41.9 million loan to finance its acquisition of a 314-unit apartment complex in Orlando.
Harbor Group International, a real estate investment and management firm in Norfolk, Virginia, used the loan to finance its $64 million acquisition of the apartment complex, called Alexan Crossroads.
A three-person team at Berkadia arranged the $41.9 million loan: senior managing director Charles Foschini, managing director Christopher Apone, and senior analyst Lourdes Carranza-Alvarez.
“Orlando’s sustained job growth is supporting consistent apartment demand that has driven effective rents up 5.6 percent since Q1 2017,” Foschini said in a prepared statement.
A major life insurance company originated the loan, which has a fixed interest rate, a five-year term with three years of interest-only payments, two one-year extension options, and a 65 percent loan-to-value ratio.
Alexan Crossroads was built in 2016 at 7261 Crossroads Garden Drive in Orlando. The complex has one-, two- and three-bedroom apartments with private balconies, granite counters, wood plank-style flooring and stainless steel appliances.
The property’s common-area amenities include a salt water swimming pool, a summer kitchen and a two-story clubhouse. – Mike Seemuth