Berkadia, a distinguished leader in the commercial real estate sector, announces that it arranged a $61.26 million loan for construction of The Yard at Brookhaven, a new 293,000-square foot mixed-use residential community near downtown Orlando, Florida.
Managing Director Marc Sumner of Berkadia Orlando arranged the financing on behalf of Real Estate Inverlad Development (REID), an integrated firm focused on real estate development, investment, land and debt acquisition, and property management based throughout North & South America.
“City National Bank recognized the quality of the Sponsors and its track record in Florida, as well as the incredible ongoing demand for rental housing in Orlando given the strong underlying population and job growth fundamentals,” said Sumner.
Located on approximately four acres at the intersection of Brookhaven Drive and Virginia Drive in the popular Lake Ivanhoe/Lake Formosa section of Orlando, The Yard at Brookhaven will be a seven-story building with 265 residential units and a 500-space parking garage, and approximately 19,000-square-feet of commercial space. As part of the development, the sponsor built a new Hideaway restaurant adjacent to a park dedicated to the city. Catalyst Design Group developed the streetscape and typical sections for the surrounding streets which included parallel parking, a multi‐use trail, and wide sidewalks for outdoor dining. Other amenities include a small ground‐level dog park as well as a seventh-floor pool amenity deck with views to downtown Orlando three miles away.
REID has a total development and investment portfolio of more than $1 billion and nearly 4.48 million square feet of condominiums, apartments, offices, retail, and mixed-use developments in Orlando, New York, South Florida and Buenos Aires. Other projects in Orlando include the Yard at Ivanhoe, Ferris Brownstones and 101 S. Eola.
