Avison Young Capital Markets lead Principals Jay Maddox and Peter Sherman and Miami-based Principal George Vail have arranged the $37.5 million refinancing of Azul Baldwin Park on behalf of the owner, Beverly Hills, Calif.-based Cores Management, Inc. The class A luxury 178-unit apartment community is located at 4460 Lower Park Road in Orlando, Florida.
Maddox stated, “Our client faced a highly challenging financing requirement to renew the interest rate cap on their existing Freddie Mac loan within 75 days, which would have come at a prohibitive seven figure cost. We pursued a 5-year fixed rate loan with prepayment flexibility and minimal new cash investment. Our Avison Young team successfully delivered a non-recourse 5-year fixed rate loan from an insurance company at better pricing, proceeds and terms than Freddie Mac quoted, that we closed within the required deadline.”
Azul Baldwin Park is located in a highly desirable neighborhood next to Lake Baldwin and a few miles away from downtown Orlando. The property has consistently performed at 95% occupancy. The three-building multi-story complex features one-, two- and three-bedroom units, a resort-style pool and sundeck with outdoor kitchen, grilling area, and hotel-style cabanas. The spacious unit interiors offer 12-foot living room ceilings, washers/dryers, private patios/balconies, and high-end finishes.
“We are very pleased that Avison Young was able to deliver an outstanding result in response to a critical timing requirement and a challenging market. The team, time and again, continues to do an excellent job for us,” said Brenda Measamer, Portfolio Manager of Cores Management.
