May 14, 2018
Berkadia arranged $41.92 million in acquisition financing for Alexan Crossroads, a 314-unit, Class A-plus garden style community located in Orlando, FL, on behalf of Norfolk, VA-based Harbor Group International, which paid $64 million for the property. The fixed-rate 65% LTV loan was originated by a major life insurance company, with a five-year loan term with two one-year extension options and three-years interest only.
Built in 2016 by Trammell Crow Residential, the property is located at 7261 Crossroads Garden Dr. in the South Orlando market. One, two, and three-bedroom units offer wood plank-style flooring, stainless steel appliances, granite counters, kitchen tile backsplash, washer/dryer, and private balconies with French doors. Community amenities include a zero-entry salt water swimming pool, summer kitchen with multiple grilling stations, yoga/spin room, two-story fitness center, and expansive two-story clubhouse.
Berkadia’s Charles Foschini, Christopher Apone, and Lourdes Carranza-Alvarez arranged the loan on behalf of the buyer.
For comments, questions or concerns, please contact Dennis Kaiser