Berkadia announces it has sourced a capital partner for Dallas-based Encore Multifamily, a division of Encore Enterprises, to develop its second apartment community in Orlando. The “Encore Narcoossee” community will be a three-story, 249-unit garden-style community on a 14.5-acre site located at 7567 Narcoossee Road, less than 10 minutes from Orlando International Airport in the growing Lake Nona submarket. Groundbreaking is expected to take place on August 1, 2022.
Cody Kirkpatrick, Noam Franklin, and Chinmay Bhatt of Berkadia JV Equity & Structured Capital secured the capital provider, an institutional investment manager, providing a $16.39 million equity investment on top of a construction loan from Synovus Bank.
This is Berkadia’s third successful equity placement for Encore Multifamily; in 2021, the team sourced a capital partner for the company to develop Encore Chandler, a 208-unit, Class A multifamily development in Phoenix, and Encore Lower Broadway, a 386-unit apartment community in San Antonio’s Pearl District.
“It was great to once again assist the Encore Multi-Family team in sourcing an equity partner for the development of this well-located apartment asset,” said Kirkpatrick. “This project will provide much-needed high-quality housing in a flourishing market with a multitude of demand drivers.”
“The capital partner Berkadia sourced was able to navigate the current market volatility and close with us on the terms originally agreed upon,” said Charlie Keels, President of Encore Multi-Family, LLC. “We look forward to partnering on many more opportunities and continuing to grow our relationship with Berkadia.”
Encore Narcossee will deliver a mix of studio, one-, two- and three-bedroom apartments averaging 920 square feet, featuring upgraded finishes and a resort-style club, fitness center and pool. Tenants will benefit from living near the suburban community of Lake Nona and its proximity to local demand drivers, including top area employers, the tourism corridor, major roadways, and Orlando International Airport.
