Berkadia Secures GSE Financing for 2 Florida Deals
“Value-add properties like The Edge at Lake Lotus will create renting opportunities for workforce families established in or settling into the area.”
PORT ST. LUCIE and ALTAMONTE SPRINGS, FL—Berkadia has secured refinancing totaling more than $46 million for properties in Port St. Lucie and Altamonte Springs, Florida The firm secured a $24.5 million refinancing of a construction take-out loan for Torino Lakes Townhomes, a Class A multifamily community in Port St. Lucie. The refinancing was on behalf of Rich Properties, a real estate investment, management and development firm based in Port St. Lucie. Berkadia also secured $21.864 million in refinancing for The Edge at Lake Lotus, a 168-unit community in Altamonte Springs.
Berkadia declined a request by GlobeSt.com to comment on any effects the coronavirus crisis may have on such deals.
“Port St. Lucie’s escalating population growth will require additional housing infrastructure which is satisfied by products like Torino Lakes,” said Berkadia Senior Managing Director Mitch Sinberg. “Having successfully completed another asset in this burgeoning community, the sponsor’s ability to secure refinancing is a testament to their track record of development throughout Florida.”
Built in 2019, Torino Lakes Townhomes is located at 5511 NW Sandhill Trail. Two- and three-bedroom units include hardwood floors, walk-in closets, granite countertops, stainless steel appliances, island kitchen, dishwasher, disposal and range.
Berkadia originated and Fannie Mae purchased the 10-year, fixed-rate loan with interest only for part of the term.
Berkadia secured the refinancing for the Edge at St. Lotus on behalf of Insula Companies, a real estate and management firm based in Sarasota. Berkadia originated and Freddie Mac purchased the 10-year, floating-rate loan with five years interest only.
“With the greater Orlando market experiencing consistent population growth, nearby communities like Altamonte Springs will benefit from the continued demand for housing throughout the MSA,” said Sinberg. “Value-add properties like The Edge at Lake Lotus will create renting opportunities for workforce families established in or settling into the area.”
Built in 1987, The Edge at Lake Lotus is located at 569 Little River Loop. One-, two- and three-bedroom units include hardwood floors, vaulted ceilings, stainless steel appliances, dishwasher, washer/dryer and range.