October 15, 2019
Berkadia has secured a $22.8-million loan to refinance Avery Place Villas, a 172-unit garden-style apartment community in Orlando.
Located at 5917 Mustang Pl., Avery Place was built in 1984 and consists of single-story one-, two- and three-bedroom units. Features include washer/dryer, attached garages, and cathedral ceilings in some units. Community amenities include a pool, 24-hour fitness center, internet café, business center and lighted tennis courts.
Charles Foschini and Chris Apone of Berkadia’s Miami office, as well as John Reed and Pauline Crytzer of Berkadia’s Richmond office, arranged the financing on behalf of BW Avery Place LLC through Freddie Mac. Terms included a 10-year, fixed-rate loan, with five years of interest-only payments.
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