May 6, 2020
Miami-based Advenir secured $37.33 million in financing for the recapitalization of Advenir at Polos East Apartments, a 308-unit apartment community located in Orlando. Berkadia originated and Freddie Mac purchased the seven-year, fixed-rate loan with full-term interest only, at a 70% loan to value.
Located at 1700 Woodbury Rd., the community was built in 1990 and consists of a mix of one, two and three-bedroom apartments. Amenities at the pet-friendly community include a resort-style swimming pool; 24-hour fitness center; sauna; basketball, volleyball, tennis and racquetball courts; Internet café; and game room.
Berkadia’s Miami team of Charles Foschini and Christopher Apone arranged the financing.
Foschini says, “While this transaction was signed up just as the full force of the pandemic was being felt in our economy, Freddie Mac, the Berkadia team and the client worked tirelessly and often remotely to execute the due diligence and fund the loan without delay.”
For comments, questions or concerns, please contact Dennis Kaiser