Berkadia originated a $23.2 million loan on behalf of Advenir for the refinancing of Advenir at Magnolia, a 272-unit, garden-style multifamily community located in the Fern Park suburb of Orlando. Charles J. Foschini, Christopher Apone, Lourdes Carranza-Alvarez, and Shannon Wilson of Berkadia Miami originated the loan on behalf of the sponsor.
Freddie Mac purchased the five-year, fixed-rate loan with an extended interest-only period and a 60% loan-to-value ratio.
Berkadia’s Foschini added, “Once a decision was made not to sell the asset, we were able to provide a timely refinance of this property and return equity to the borrower just ahead of a pending loan maturity.”
Advenir at Magnolia is a two-story, garden-style property located on 13 acres at 210 Welcome Way. It offers a mix of studio, one-, and two-bedroom apartments averaging 800 square feet. Amenities include two resort-style pools, grilling stations, a 24/7 fitness center, a business center, a lighted tennis court, two basketball courts, three racquetball courts, and laundry facilities.
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