Berkadia has arranged $41.92m in acquisition financing for the real estate management and investment firm Harbor Group International. The company used the funding to purchase Alexan Crossroads, a 314-unit class A+ garden-style community located in Orlando. The fixed-rate loan was originated by a major life insurance company, with a five-year loan term with two one-year extension options. The community was completed in 2016. Amenities include a zero-entry salt water swimming pool, a summer kitchen with multiple grilling station, a two-story fitness center and an expansive two-story clubhouse.
“Orlando’s sustained job growth is supporting consistent apartment demand that has driven effective rents up 5.6 percent since Q1 2017,” said Charles Foschini, senior managing director at Berkadia. “Nine out of the 11 job sectors expanded annually through January, ranking the Orlando metro area No. 1 in the US for employment growth. The city’s growth will continue to serve as an attractive option for investors who seek newly built communities in areas with high employment figures.”
