$42M Financing Helps Harbor Group Acquire Orlando Multifamily
Harbor Group International paid a total of $64 million for the 314-unit garden apartment property, according to Berkadia, which arranged the acquisition loan from a major insurance company for the buyer.
ORLANDO FL—Norfolk, VA-based Harbor Group International has used $41.92-million in financing to acquire the Alexan Crossroads multifamily property here.
Harbor Group International paid a total of $64 million for the 314-unit garden apartment property, according to Berkadia, which arranged the acquisition loan from a major insurance company for the buyer.
The fixed-rate loan has a five-year loan term with two one-year extension options and three years interest only. The LTV ratio was 65%. Berkadia South Florida’s senior managing director Charles Foschini, managing director Christopher Apone and senior analyst Lourdes Carranza-Alvarez arranged the loan on behalf of Harbor Group International.
Berkadia’s Foschini says the strength of Orlando’s economy is sparking increased investment interest in the multifamily sector. “Orlando’s sustained job growth is supporting consistent apartment demand that has driven effective rents up 5.6% since Q1 2017,” said Foschini. “Nine out of the 11 job sectors expanded annually through January, ranking the Orlando metro area number one in the U.S. for employment growth. The city’s growth will continue to serve as an attractive option for investors who seek newly built communities in areas with high employment figures.”
Alexan Crossroads, located at 7261 Crossroads Garden Drive in South Orlando, features one-, two-, and three-bedroom units Community amenities include a zero-entry salt-water swimming pool, summer kitchen with multiple grilling stations, yoga/spin room, a two-story fitness center and a two-story clubhouse.