Advenir has purchased The Fountains apartment complex for $97.25 million from Electra America. The 542-unit community in Palm Beach Gardens, FL, is located at 4120 Union Square Boulevard. Trading for just over $179,520 per unit, the property was built in 1974 and last updated in 2009. Amenities include three resort style swimming pools, a grilling station and car wash area.
The buyer acquired the asset with a $80 million value-add loan for the rehabilitation of the apartments, which will be rebranded as Advenir at PGA. Berkadia sourced the funding with a three-year, floating rate loan from Freddie Mac, with a competitive spread over LIBOR, and a LTV ratio of 82 percent. “This deal exemplifies the strength of the platform,” said Mitch Sinberg, Berkadia. “The seller was undecided whether to sell the asset or refinance. By working collaboratively, we were able to provide information and options between our two offices to generate an exceptional execution for the buyer/borrower which in turn made the deal for the selling entity.”
