Berkadia announces it has arranged the $42 million recapitalization of Alora at West Palm Beach, a 270-unit luxury apartment community in the heart of West Palm Beach, Florida. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia Miami secured the financing on behalf of the ownership, AHC of West Palm Beach, LLC.
NW Mutual provided the seven-year, fixed-rate loan, with full term interest only and a loan-to-cost of 81 percent.
“Our client builds some of the highest quality multifamily in the marketplace, and that did not go unnoticed to a competitive field of lenders,” said Foschini. “In the end, a life company stepped up and provided terms that were class leading in spread, dollars, interest only and rate.”
Located at 4894 Alora Isles Drive, Alora at West Palm Beach was built in 2020 and offers one-, two- and three-bedroom apartment homes ranging from 818 square feet to 1,355 square feet. Individual units feature gourmet kitchens, granite countertops, stainless steel appliances, insulated impact windows, wood-inspired plank flooring, large walk-in closets, 9’ 6” ceilings and a private screened-in patio or balcony. Building amenities include a 24-hour fitness center, a cyber café and lounge, a heated resort-like pool, an outdoor grilling lounge, a bark park and private yoga studio.
The property is situated west of I-95 in Palm Beach County, in proximity to Holiday Park Plaza, Village Marketplace and the Mounts Botanical Garden. It is approximately 10 minutes away from the Palm Beach International Airport and downtown West Palm Beach.