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Florida & Gulf Coast  + Central Florida  + Finance  |  August 8, 2019
David Cohen
By: David Cohen

Berkadia Arranges $19M Recapitalization for Fractured Condos in Orlando

Berkadia arranged a $19-million loan for the recapitalization of 174 units at Discovery Palms, a 336-unit fractured condo community in Orlando. Of the 336 units, 162 are privately owned. The property is currently 98% occupied.

Charles Foschini, Chris Apone and Shannon Wilson of Berkadia’s Miami office arranged financing on behalf of ownership, Discovery Palms Owner LLC. Guggenheim Commercial Real Estate Finance provided the fixed-rate loan, with a five-year term and two years of interest-only payments.

Located at 12806 Madison Pointe Circle, Discovery Palms was built in 2003 and consists of three-story garden-style apartments and two-story townhomes on 18.9 acres. Amenities include a clubhouse, swimming pool, fitness center, tennis court, volleyball court, indoor basketball court and putting green.

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For comments, questions or concerns, please contact David Cohen

Read More News Stories About: Berkadia
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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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