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Advenir Secures $99M in Acquisition Financing on Two Florida Apts

Berkadia Arranges Funding Through Freddie Mac Green Up Program
October 10, 2017
Real estate investment company Advenir has secured $98.92 million in acquisition financing on two multifamily communities in southwest and southeast Florida.

Senior Managing Directors Charles Foschini and Christopher Apone with Berkadia's Miami office arranged the loans on behalf of the borrower, placing them through Freddie Mac’s Green Up Program. Under the program, borrowers who make energy-efficient improvements are eligible for better financing and other benefits.

Advenir acquired the Crown Pointe apartments, a 360-unit multifamily community at 4142 Cocoplum Cir. in Coconut Creek, FL, near Fort Lauderdale. It is secured with a $52.32 million loan.

In a separate transaction, the investor also acquired the Gateway Lakes apartments, a 358-unit multifamily complex at 1000 Marlin Lakes Cir. in Sarasota, FL, south of Tampa. That property is backed with a $46.6 million loan.

Both loans feature a competitive rate, seven-year term with three years of interest only and a loan-to-value (LTV) of approximately 80 percent.

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corp., said the two deals rank among Advenir’s largest Florida transactions to date.

"Advenir is a phenomenal operator and has a great eye for value-add assets," said Apone. "Though we had Hurricane Irma and some interest rate turbulence during the loan process, the borrower never flinched. Offering an index lock early in their due diligence allowed us to preserve an exceptional rate for the life of their hold period."

"Multifamily financing remains robust," added Foschini. "It's about the best it has ever been for permanent and transitional properties, and we expect that to continue. In Florida, rents are up, we continue to add jobs and population growth is strong."

Paul Owers, South Florida Market Reporter  CoStar Group   
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