Rentals near Orlando draw $22.15M of refinancing from Freddie Mac

Rentals near Orlando draw $22.15M of refinancing from Freddie Mac

Saturday, April 14, 2018

Charles Foschini

The owner of a 272-unit rental apartment complex north of Orlando refinanced the property with a $22.15 million Freddie Mac loan.

A company affiliated with Advenir Inc. got the seven-year loan with a 75 percent loan-to-value ratio and three years of interest-only payments through the South Florida office of Berkadia.

Freddie Mac originated the refinancing loan secured by the rental property northeast of Orlando in Fern Park, called Advenir at Magnolia.

Freddie Mac originated the loan through its Multifamily Green Advantage Program, which provides loans with discounted interest rates to owners who retrofit multifamily properties to save water and energy.

Three members of Berkadia’s South Florida office secured the loan on behalf of Advenir: Charles Foschini, senior managing director; Christopher Apone, managing director, and Lourdes Carranza-Alvaraz, a senior analyst.

The green loan programs at Freddie Mac and Fannie Mae “can shave 10 to 30 basis points off of the loan,” Forschini said in a prepared statement. “We expect to see more owners getting off the sidelines and refinancing or buying in 2018 to get ahead of further [interest] rate increases.”

Built in 1973, Advenir at Magnolia is a garden-style complex of 20 two-story buildings with one-bedroom, two-bedroom and studio apartments. Each apartment has a private balcony or patio, a walk-in closet and hookups for washing machines and dryers.

The property’s common-area amenities include a tennis court, a gym, a dog park, two swimming pools, two basketball courts and three racquetball courts.– Mike Seemuth

Source: The Real Deal