A real estate investment firm related to Advenir secured a $22.15m refinance of a multifamily property in Orlando’s Fern Park submarket. Berkadia’s South Florida office sourced the funding. Freddie Mac originated the seven-year loan through its Multifamily Green Advantage program, which provides discounted loan pricing for water- and energy-saving property retrofits. The permanent financing was originated with a 75 percent LTV ratio.
Built in 1973, Advenir at Magnolia offers studio, one- and two-bedroom apartments in a garden-style community consisting of 20 two-story buildings. Amenities include two swimming pools and basketball courts, three racquetball courts, fitness and business centers along with a dog park and play area for children.
“In a climate of rising interest rates and steep competition in the multifamily space, Fannie Mae and Freddie Mac’s green loan programs have become even more popular, since they can shave 10 to 30 basis points off of the loan,” said Charles Foschini, senior managing director at Berkadia. “We expect to see more owners getting off the sidelines and refinancing or buying in 2018 to get ahead of further rate increases.”
