Berkadia has secured a $93.6 million loan to refinance two multifamily communities located in Palm Beach County: Advenir at Banyan Lake and Advenir at La Costa, both vintage garden-style multifamily assets located in Boynton Beach.
Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia Miami secured the financing on behalf of Advenir, a multifamily and single-family rental community developer and operator based in Aventura.
Freddie Mac provided the $93.6 million, fixed-rate, seven-year loan with full-term interest only.
Advenir acquired both properties in 2015 and conducted a value-add renovation program.
“In times like these, relationships matter,” said Foschini. “When our client called us about a refinance, we encouraged them to utilize Freddie Mac’s unique index lock feature for repeat borrowers and take rate risk off the table. Give the unprecedented volatility and over all climb in the treasury during the last several months, we were able to accomplish the borrower’s goals related to both terms, and returning substantial cash to the partners in both transactions.”
Located at 1561 Stonehaven Drive, Advenir at Banyan Lake is a 268-unit multifamily property built in 1986. It offers one-, two- and three-bedroom apartment units that range from 900 square feet to 1,290 square feet. Individual units feature oversized floor plans, walk-in closets, ceiling fans, washers and dryers, and private patios and balconies. Community amenities include a swimming pool, fitness center, BBQ grills, a playground, racquetball courts, two tennis courts and three lakes with a fountain.
Located at 4101 Mahogany Drive, Advenir at La Costa is a 328-unit multifamily property built in 1986. It offers one- and two-bedroom apartment units that range from 784 square feet to 1,116 square feet. Individual amenities feature stainless steel double bowl sinks with disposal, breakfast bar, Formica countertops, walk-in closets, vaulted ceilings, ceiling fans, full-size washer and dryer, private balconies, and patios. Community amenities include two resort-style pools, a 24-hour fitness center, a tennis court, an outdoor lounge area with Wi-Fi, a lakeside jogging trail with exercise stations, a car care center, a cybercafé and coffee bar, and a fishing dock.
Both properties are located in the heart of Boynton Beach with easy access to Florida’s Turnpike and Interstate 95, less than one mile from Quantum Corporate Park, Boynton Beach Mall, the JFK Medical Center, the Palm Beach International Airport and the Port of Palm Beach.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.