NAPLES, FL – Berkadia today announced it has arranged a $52.2 million acquisition loan for Aventine at Naples, a 350-unit luxury multifamily property located in the coastal town of Naples, Florida. Berkadia’s South Florida team of Charles Foschini and Chris Apone arranged the financing on behalf of the borrower, Advenir LLC.
Berkadia secured a fixed-rate loan at an aggressive rate, partial interest only, for a seven-year term, through lender Freddie Mac.
“Freddie Mac continues to evolve as a very forward-thinking lender,” explained Foschini. “Although Aventine at Naples is fairly new (built in 2002), the borrower saw inefficiencies in the asset’s construction and viewed it as a ‘value-add’ opportunity. We were able to work with Freddie Mac to allow this property to qualify for the ‘green rewards’ program, which provides favorable financing terms for energy-saving retrofits. The improvements the borrower intends to make both aesthetically and environmentally to the asset will result in an exceptional investment for the borrower and an improved living experience for the residents.”
Located at 9300 Marino Circle, in a quiet community approximately twenty minutes from the Florida coastline, Aventine at Naples was built in 2002 and includes one-, two- and three-bedroom apartments with vaulted ceilings and oversized closets. Newly renovated interiors include granite countertops and vinyl flooring. Community amenities include a resort-style swimming pool and spa, state-of-the-art fitness center, wellness studio, spacious dog park, internet café, business lounge, car wash and lighted tennis court. The property was 89% occupied at the time of sale, with monthly rents in the $1,146 to $1,595 range.
The property is conveniently located close to several golf clubs and the Pelican Isle Yacht Club.
About Berkadia®: Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.