Berkadia Provides $128M for Three Multifamily Refis in Florida

Financing for the complexes in the Orlando area and Jacksonville come via Freddie Mac

By Brian Pascus October 4, 2024 1:00 pm

Mitch Sinberg, senior managing director of Berkadia, at his Boca Raton office. Photo: Josh Ritchie/for Commercial Observer

Berkadia has been busy in the Sunshine State this week.

Teams in the broker-lender’s Florida offices provided $55 million to refinance Advenir at The Oaks, a 408-unit multifamily community in Orlando, and $73 million to refinance both The Village at San Jose, a 200-unit multifamily property, and The Villas at Ortega, a 444-unit complex, both of which are in Jacksonville.

ROI Capital secured the $73 million financing for the two properties in Jacksonville, while sponsor Advenir@The Oaks secured a $54.7 million loan for the Orlando property.

On the Jacksonville deals, Brad Williamson of Berkadia Miami and Wesley Moczul of Berkadia Orlando worked with Berkadia’s Mitch Sinberg, Matt Robbins and Scott Wadler to secure the financing on behalf of ROI Capital. The two fixed-rate, five-year loans — a $19.9 million loan for The Village at San Jose, and a $53 million loan for The Villas at Ortega — were each purchased by Freddie Mac through its Green Advantage program and carry a 35-year amortization schedule, according to Berkadia.

Williamson said in a statement that each refinancing will allow ROI. Capital to to pay off existing floating-rate bridge loans with new senior loans from Freddie Mac.

“This successful refinancing strengthens the foundation for continued growth and stability of both properties, ensuring favorable cash flow and long-term viability for the sponsor’s ongoing business strategy,” said Williamson.

The Berkadia Miami team of Charles J. Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson originated the $54.8 million loan for Advenir at The Oaks in Orlando. This five-year, fixed-rate loan was also purchased by Freddie Mac and carried a 65 percent loan-to-value, according to Berkadia.

Foschini said in a statement that his firm’s “strong relationship” with Freddie Mac created the terms for a refinancing that provided “leading” market-rates and terms.

Located at 5551 Auburn Road in Jacksonville, The Village at San Jose is a 30-building, garden-style apartment complex that opened in 1948, and was renovated in 2021 and 2022.

The Villas at Ortega is at 5327 Timuquana Road in Jacksonville and consists of 62 residential buildings that are one and two stories.

Both buildings feature swimming pools, a playground, a dog park, a fitness center and on-site parking, and are near Downtown Jacksonville.

Located at 3100 and 3200 Old Winter Garden Road in Orlando, Advenir at The Oaks opened in 1991 near Valencia College and the University of Central Florida in the active Ocoee suburb, a city of 47,000. The residential community features two outdoor swimming pools and recreation spaces with tennis, pickleball and basketball courts.

The complex sits 15 minutes from Orlando International Airport and 20 minutes from Downtown Orlando.

Brian Pascus can be reached at bpascus@commercialobserver.com.