Berkadia has secured a $45.6 million loan for the purpose of refinancing 271 units at Grand Reserve at Kirkman Parke, a 390-unit fractured condominium community located in Metrowest, a master-planned golf community in Orlando, Florida.
Managing Director Christopher Apone, Senior Managing Director Charles J. Foschini, Vice President-Originations Lourdes Carranza-Alvarez, and Associate Director Shannon Wilson of Berkadia Miami arranged the loan on behalf of the owner, ESG Kullen. The deal closed on September 17.
Encore Finance provided the five-year, fixed-rate loan. The loan consists of $36.63 million in bulk condo financing and $8 million credit facility. ESG Kullen first acquired the bulk 195 units at Grand Reserve at Kirkman Parke in 2017 for $22 million.
“Encore Finance provided a unique capital solution to an experienced operator of fractured condo assets,” said Apone. “By structuring a fixed rate note on the bulk units, and a separate floating-rate credit line, ESG Kullen will be able to acquire additional units in the future while maintaining attractive fixed rate debt on the bulk units.”
Located at 3301 South Kirkman Road, Grand Reserve at Kirkman Parke is a condominium community situated a short distance from major attractions and employers such as Universal Orlando offering a wide variety of shopping, dining, and entertainment options. The community is also close to major employers such as Valencia College West Campus, The Mall at Millenia, and Orlando Outlet Marketplace.
The pet-friendly property features 390 units with one-, two-, three-, and four-bedroom private entry apartment homes ranging in size from 890 square feet to 1,667 square feet. Apartments feature private patios and balconies, gas range, stainless steel appliances, and full-size in-unit washer and dryer. Community amenities include pickleball and basketball courts, a resort-style pool, playground, tennis courts, a clubhouse with fitness center and business center, a covered heated spa, extra storage and garages for select units.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
