**Advenir Secures $23.2M Refinance for Orlando Multifamily Community**
Berkadia has originated a $23.2 million loan on behalf of Advenir to refinance Advenir at Magnolia, a 272-unit, garden-style multifamily community located in Fern Park, a suburb of Orlando, Florida. The financing was arranged by Berkadia Miami’s Charles J. Foschini, Christopher Apone, Lourdes Carranza-Alvarez, and Shannon Wilson.
Freddie Mac purchased the five-year, fixed-rate loan, which features an extended interest-only period and a 60% loan-to-value ratio.
“Once a decision was made not to sell the asset, we were able to provide a timely refinance of this property and return equity to the borrower just ahead of a pending loan maturity,” said Foschini of Berkadia.
Advenir at Magnolia is located at 210 Welcome Way on a 13-acre site. The two-story, garden-style property offers a mix of studio, one-, and two-bedroom units, with an average size of 800 square feet. Community amenities include two resort-style pools, grilling stations, a 24/7 fitness center, business center, lighted tennis court, two basketball courts, three racquetball courts, and laundry facilities.
