August 8, 2019
Berkadia arranged a $19-million loan for the recapitalization of 174 units at Discovery Palms, a 336-unit fractured condo community in Orlando. Of the 336 units, 162 are privately owned. The property is currently 98% occupied.
Charles Foschini, Chris Apone and Shannon Wilson of Berkadia’s Miami office arranged financing on behalf of ownership, Discovery Palms Owner LLC. Guggenheim Commercial Real Estate Finance provided the fixed-rate loan, with a five-year term and two years of interest-only payments.
Located at 12806 Madison Pointe Circle, Discovery Palms was built in 2003 and consists of three-story garden-style apartments and two-story townhomes on 18.9 acres. Amenities include a clubhouse, swimming pool, fitness center, tennis court, volleyball court, indoor basketball court and putting green.
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