Berkadia, a distinguished leader in the commercial real estate sector, announced the refinancing of Advenir at Magnolia, a 272-unit, garden-style multifamily community located in the Fern Park suburb of Orlando, Florida.
Senior Managing Director Charles J. Foschini, Managing Director Christopher Apone, Vice President-Originations Lourdes Carranza-Alvarez and Associate Director Shannon Wilson of Berkadia Miami originated a $23.168 million loan on behalf of the sponsor, Advenir@Magnolia LLC.
“Our partnership with Freddie Mac continues to create market-leading options for our clients,” said Foschini. “Once a decision was made not to sell the asset, we were able to provide a timely refinance of this property and return equity to the borrower just ahead of a pending loan maturity.”
Advenir at Magnolia is a two-story, garden-style property located on 13 acres at 210 Welcome Way, approximately 10 miles north of Downtown Orlando. It offers a mix of studio, one- and two-bedroom apartments averaging 800 square feet. Amenities include two resort-style pools, grilling stations, a 24/7 fitness center, business center, a lighted tennis court, two basketball courts and three racquetball courts, and laundry facilities.
Located in the Fern Park suburb of Seminole County, the property is conveniently located near the Casselbery exchange of US-17/92 and FL-436, offering quick access to retail and employment centers in Maitland, Winter Park, and Altamonte Springs, along with Downtown Orlando, which is a 20-minute drive away. It is also just minutes from the Altamonte Mall and AdventHealth Altamonte Springs.
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.
