NAPLES, FL - Berkadia announces it has arranged a $13.6 million loan for the acquisition of Eldorado, a 120-unit garden-style apartment community located in Naples, Fla. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia’s Miami office arranged the loan on behalf of the sponsor, KHP Eldorado Acquisitions LLC.
Berkadia originated and Fannie Mae purchased the fixed-rate, 12-year loan, with six years interest only and a 75 percent loan to value.
“Eldorado offered the opportunity to acquire a well-maintained garden-style community with below market rents located in one of the most attractive submarkets in the state of Florida,” said Foschini. “The community is within minutes of significant demand drivers including beaches, private golf courses, and a plethora of upscale shopping destinations and employment centers, and is an ideal candidate for implementation of a comprehensive value-add strategy, including adding luxury finishes to units, to garner additional rent premiums.”
Built in 1988, the property contains a mix of one- and two-bedroom units averaging 910 square feet in 16 two-story buildings. The previous owner recently completed $1.3 million in capital improvements, including new roofs on four buildings, brick pool pavers, low flow toilets in 104 units, gutters on all buildings, and unit interior renovations to 97 units.
Community amenities include a resort-style swimming pool with sun deck, WiFi-enabled community clubhouse with lounge area, full kitchen and business center, Amazon Hub-branded package receiving and storage lockers, a dog park and poolside BBQ grilling area.
Eldorado is ideally situated a few miles east of Interstate 75 and less than seven miles from the pristine beaches of the Gulf of Mexico and the downtown Naples area.