Berkadia Arranges $40.5 Million Acquisition Loan For Class ‘A’ Orlando Apartments

Berkadia has secured $40.5 million in acquisition financing for Art Avenue Apartment Homes, a garden style community located in Orlando. Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins, and Senior Analyst Wesley Moczul of Berkadia’s South Florida office arranged the loan on behalf of Robbins Property Associates, a real estate company with offices in Tampa and Boston. The seller was Colony NorthStar, Inc., an equity REIT based in Los Angeles, California. Freddie Mac originated a 10-year, floating rate loan with a competitive LTV ratio and five years of interest only.  

“Central Florida’s workforce will continue to attract investors that seek stable returns on newly built properties,” said Sinberg. “The region’s unemployment rate continues declining, with multimillion dollar construction projects in the pipeline, such as a new Amazon distribution center, new Drive Shack facility, and a KPMG training facility, all in Lake Nona.”

According to CareerSource Central Florida, the region had a 3.8 percent unemployment rate in January, below the state’s average of 4.1 percent. Built in 2014, Art Avenue is 300-unit multifamily asset located at 10201 Lee Vista Boulevard.  

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