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Berkadia Arranges Financing for $97M Palm Beach County MF Buy
The Fountains, a 542-unit multifamily community located in Palm Beach County, FL, is set to undergo a renovation following Berkadia securing an $80-million value-add loan. Freddie Mac originated the three-year, floating rate loan, with a competitive spread over LIBOR, and a LTV ratio of 82%.
The loan will be used for substantial renovation of individual apartment units at a property that was built in 1974 and last updated in 2009. Advenir at PGA LLC acquired the property at 4120 Union Square Blvd. from Landmark at Garden Square LLC for $97.25 million.
Berkadia’s Charles Foschini, Mitch Sinberg, Chris Apone, Matt Robbins and Lourdes Carranza-Alvarez arranged the transaction on behalf of the buyer.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Sale/Acquisition
