ORLANDO, FL – Berkadia has secured $65.7 million in financing for the acquisition of Elan Audubon Park, a 449-unit multifamily asset located in Orlando, Florida, on behalf of borrower Harbor Group International. The property traded for $97.1 million. Berkadia South Florida Senior Managing Director Charles Foschini, Managing Director Chris Apone and Senior Analyst Lourdes Carranza-Alvarez arranged the transaction.
Bank of America is the lender. The loan has a five-year term, with extension options, and carries a coupon of Libor, with an LTV of 66%.
Built in 2017, Elan Audubon Park is a gated-access community situated at 990 Warehouse Road within Orlando’s Audubon Park neighborhood. One-, two-, and three-bedroom units feature vaulted ceilings, hardwood floors, and washer/dryer. Community amenities include two-resort style pools, poolside bar with televisions, outdoor kitchens with gas grilling areas, outdoor fire pits, an elegant two-story clubhouse, a two-story gym with stand-up, high-intensity tanning room, a stylish game room, and a bark park with dog wash station. Indoor bike storage and direct access garages are also available.
Located near a number of shopping, dining, and entertainment destinations, Elan Audubon Park is situated near Colonial Town Center and is minutes away from East Colonial Drive, North Mills Avenue, and Interstate 4. The community is also seven minutes away from Orlando Executive Airport, offering easy access to all forms of transit. The community offers direct access to Cady Way Trail & Lake Druid Park.
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.
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