Advenir has secured a $39.54m refinance loan for a multifamily asset in the Orlando submarket of Ocoee. The funding was secured for Advenir at The Oaks apartments. Berkadia arranged a Freddie Mac seven-year loan with only three years of interest at a competitive interest rate. The permanent financing originated with a 75-percent LTV ratio. Located at 3100 & 3200 Old Winter Garden Road, Advenir at The Oaks is a 408-unit complex built in two phases between 1989 and 1991. Advenir bought the property for $42.7m in June 2016.
“As the Orlando metro area’s employment is expected to grow by 3.4 percent, the 43,000 jobs added will help maintain demand for multifamily housing, even as additional units come online” said Charles Foschini, senior managing director of Berkadia’s South Florida office. “Average monthly effective rents are forecast to rise 2.2 percent to $1,232 by year-end, signaling a growing market with compelling opportunities.”
