Real estate investment company, Advenir, based in Aventura, Florida has closed on $98.92 million in acquisition financing for two large multifamily communities located in South Florida. Senior Managing Director Charles Foschini and Managing Director Christopher Apone from Berkadia’s Miami office arranged the loans.The firm bought the Crown Pointe apartments, a 360-unit community located in the Broward County town of Coconut Creek with a $52.32 million loan. The instrument has a seven year term, with three years of interest-only payments and an LTV of 80 percent. The second purchase, Gateway Lakes, is a 358 unit multifamily complex situated in the Gulf Coast town of Sarasota. The asset is backed by a $46.6 million loan, a seven year Freddie Mac term loan with three years interest-only and an LTV of 80 percent.
“Getting these properties approved by Freddie Mac’s Green Up program was key to these transactions,” said Foschini. “With the value-add pricing bonuses we were able to create for the client on recent vintage assets, a win/win was structured. The residents win with lower bills and a sustainable quality of life, and the investor wins with a reduced debt cost that will super charge returns over the normalized pro forma.”
