Berkadia Arranges $32M Refinance of Orlando Apartments near UCF
Berkadia has arranged the $32-million recapitalization of a 233-unit multifamily community in the Orlando, FL suburb of Oviedo. Promenade at Aloma was built in 1998 and consists of 26 two- and three-story buildings on an 18-acre site 10 minutes from the University of Central Florida.
Charles Foschini and Christopher Apone of Berkadia Miami secured the financing on behalf of Pensam Capital. Freddie Mac provided the 10-year, fixed-rate loan, with full term interest only and a loan-to-value ratio of 65 percent.
According to Berkadia Research, Orlando likely to see a 5.3 percent year-over-year growth in jobs this year. By the end of 2022, staffing levels in six of the metro’s 10 employment sectors are predicted to be at or above the January 2020 pre-pandemic peak. The desirability of living in Orlando will prompt operators to raise average effective rent a projected 8.2 percent by the fourth quarter of 2022.
- ◦Financing