ORLANDO, FL - Berkadia has arranged a $35.23 million loan for the acquisition of Canopy Apartment Villas, a multi-family residence of single-story villas and townhomes located in Orlando. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office arranged the loan on behalf of the buyer, Taurus Investment Holdings.
Fannie Mae provided the 10-year, floating-rate loan with five years interest only as part of its “Green Rewards” program.
“We are confident that the Canopy Apartment Villas will prove to be a unique asset and advantageous prospect for our client as it is set in an incredibly opportune location,” said Sinberg. “Orlando provides connectivity to thousands of jobs and in 2018, was ranked the fourth fastest growing city by Forbes.”
“We were pleased to work with our outstanding Fannie Mae team to assist Taurus in this spectacular acquisition as they continue to grow their multifamily portfolio,” added Robbins. “Amazing work by all parties involved.”
“This was a great opportunity for Taurus to purchase a unique asset in an attractive location within the city of Orlando,” said Peter Merrigan, CEO of Taurus Investment Holdings. “With Orlando’s continuous growth, we are confident in our ability to maximize the value of this investment.”
Built in 1981, the Canopy Apartment Villas are comprised of 296 units and include a variety of one-, two- and three-bedroom units averaging in 1,090 square feet. The apartment villas include 704 parking spaces, a recently renovated clubhouse, expanded fitness center, upgraded pool and new landscaping. The previous owner spent almost $3 million on capital improvements since 2015.
The Canopy Apartment Villas are conveniently positioned near Orlando’s top demand drivers and in the center of over 22 million square feet of key employment centers. They are located at 5762 Folkston Lane, Orlando, Florida 32822, just 11 minutes from the Orlando International Airport, 12 minutes from Downtown Orlando and 10 minutes from the Colonial Plaza Mall.
About Berkadia: Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, 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.
About Taurus: Established in 1976, Taurus is a Real Estate Private Equity Firm and active deal participant in thirty markets around the world. Taurus is consistently recognized as one of the premier owner operators of both directly managed and joint venture commercial real estate. To date, Taurus has purchased and sold more than 25 million square feet (2.3 million square meters) of residential, office, industrial, retail and other commercial real estate assets throughout the world with a total acquisition value of over $3.5 billion.