$108M Gets New Owners a Multifamily in Orlando’s Tourist Corridor
Patterson Court apartments— a 384-unit community located in Orlando’s tourist corridor and currently master-leased to Walt Disney World Resort — has traded for $107.8 million.
Berkadia Miami managing directors Scott Wadler and Brad Williamson along with Berkadia Orlando associate director Wesley Moczul secured the acquisition financing on behalf of the buyer, Trion Properties. Pacific Coast Capital Partners, LLC, originated a three-year, floating-rate loan for $85 million. It includes $80 million in initial funding and $5 million in future funding for capital improvements with extension options.
Berkadia Orlando managing directors Brett Moss and Matt Wilcox and associate director Tyler Swidler along with Berkadia Miami senior managing director Jaret Turkell represented the seller, a joint venture between Fifteen Group and private investment firm Meritage Group LP.
The 2008-constructed International Drive area property until recently served as dedicated housing for participants in the Disney College Program, who have been relocated to Disney’s new Flamingo Crossings Village community in Winter Garden.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!