Advenir Locks in $94M Refi Loan for Duo of Boynton Beach Apartment Communities
Aventura, FL-based Advenir has secured $93.6-million loan to refinance its multifamily communities Advenir at Banyan Lake and Advenir at La Costa, both in Boynton Beach, FL.
Charles Foschini and Chris Apone of Berkadia arranged the financing. Freddie Mac provided the $93.6 million, fixed-rate, seven-year loan with full-term interest only.
“In times like these, relationships matter,” said Foschini. “When our client called us about a refinance, we encouraged them to utilize Freddie Mac’s unique index lock feature for repeat borrowers and take rate risk off the table,” said Foschini. “Given the unprecedented volatility and over all climb in the treasury during the last several months, we were able to accomplish the borrower’s goals related to both terms and returning substantial cash to the partners in both transactions.”
Advenir acquired the 1986-constructed garden-style properties in 2015 and conducted a value-add renovation program. Advenir at Banyan Lake has 268 units while Advenir at La Costa has 328 units.
Photo: Advenir at Banyan Lake