Bayshore Investment Partners has closed on $17.437 million in acquisition financing for the purchase of the Esplanade Apartment Homes in Orlando. Located in the Millenia submarket on Esplanade Park Cir. the firm paid $23.25 million for the property. The funding was sourced by Berkadia with a Fannie Mae 10-year, fixed-rate loan with five years interest only, at a 75 percent loan-to-value ratio. Berkadia South Florida Senior Managing Director Mitch Sinberg and Senior Director Brad Williamson along with Chad Freedman of Ballaga & Freedman represented Bayshore in the transaction.
Built in 2008, the property boasts 186 garden-style units composed of seven three-story buildings offering two- and three-bedroom units. Rents range from $1,100 to $1,300 per month. The property features condo-quality interiors and amenities include a swimming pool, whirlpool spa, summer kitchen, fitness/training center, and business center. With an average rent of $1,100 to $1,300 per month the asset was 97 percent leased at the time of the sale.
“We have a high level of confidence in the future of the Orlando market, and hope to add additional assets like Esplanade to our portfolio,” said Jared Brunnabend, Principal of Bayshore. “The professionalism and deal execution of the Berkadia team enabled us to place attractive financing on a stable, well-located asset that we plan to own and operate long term.”
