Brookfield Provides $210M Refi on Florida Multifamily Portfolio
By Mack Burke August 20, 2021 3:40 pm
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Brookfield (BN) Real Estate Financial Partners (BREF) has originated $210 million in debt to refinance a portfolio of nearly 1,150 apartment units located in central and southwest Florida, Commercial Observer has learned.
The five-year, floating-rate financing was provided to a joint venture between Florida-based developer BLD Group and New York-based private equity firm GMF Capital to refinance three properties located in Fort Myers, Fla. and the Orlando area, according to information from the borrowers.
Eastdil Secured advised the borrowing party in arranging and negotiating the financing, which closed on Aug. 9.
BREF’s whole loan covered the 436-unit Venetian Apartments at 4051 Regata Way in Fort Myers; 403-unit M2 at Millenia Apartments at 4206 Eastgate Drive in Orlando; and the 300-unit 400 North Apartments at 400 North Orlando Avenue in Maitland, a suburb located northwest of Orlando.
Altogether, the properties are 96 percent leased out, and they feature the prototypical community amenities that one would expect to see inside sprawling apartment communities, such as fitness centers, business centers and swimming pools with barbecue areas and sun decks. The properties also include electric car charging stations.
According to information from the website’s of each of the properties, Lincoln Property Company is currently managing and operating each one.
Current monthly rents at Venetian Apartments in Fort Myers range from around $1,500 for one-bedrooms to north of $2,000 for three-bedrooms, with floor plans that stretch from more than 700 square feet to almost 1,300 square feet, according to online listings from Apartments.com.
M2 at Millenia features a mix of one- to three-bedroom apartments, with rents ranging from around $1,500 to about $2,300, according to Apartments.com. 400 North Apartments has rents that range from about $1,700 for one-bedroom residences to more than $2,200 for three-bedrooms, with layouts that go from more than 750 square feet to more than 1,300 square feet.
Mack Burke can be reached at mburke@commercialobserver.com.
