MIAMI—Advenir@Broadwater, LLC has secured $28 million in financing for a 408-unit multifamily community in Orlando. CBRE arranged the deal.
Freddie Mac providing the financing. The 10-year loan is partial interest only and represents an 80% loan-to-value ratio. Proceeds were used to acquire the property.
“Advenir continues to be an active buyer of high quality multifamily product,” says Charles Foschini, a vice chairman with CBRE's Debt & Equity Financing Group. “Freddie Mac recognized both the strength of the buyer and underlying market in making what historically would be considered a cutting edge aggressive loan.”
Built in 1987, Broadwater Apartments is located at 6677 Tanglewood Bay Drive in Orlando. The property offers an average unit size of 817 square feet with 136 one bedroom units and 272 two bedroom units.
Broadwater Apartments spans of 22 two-story multifamily buildings containing 333,136 square feet of net rentable area. Community features include two resort style pools with spa, fitness center with free weights, a clubhouse with Wi-Fi and large screen TV, resident business center, indoor racquetball court, car care center, and DVD library.
The CBRE team, representing the borrower, includes Foschini, Christian Lee, vice chairman with CBRE's Institutional Group and Christopher Apone, vice president with Debt & Equity Financing Group.
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