**Berkadia Secures $61.3M Construction Loan for The Yard at Brookhaven in Orlando**
Berkadia has arranged a $61.3 million loan for the construction of The Yard at Brookhaven, a new 293,000-square-foot mixed-use residential development near downtown Orlando, Florida.
Marc Sumner of Berkadia’s Orlando office secured the financing on behalf of Real Estate Inverlad Development (REID). According to CommercialEdge, the three-year, adjustable-rate loan was provided by City National Bank. The deal closed on September 2, with construction having begun earlier in March.
Situated on a four-acre site at the intersection of Brookhaven Drive and Virginia Drive in the Lake Ivanhoe/Lake Formosa neighborhood, the development will feature a seven-story structure housing 265 residential units, a 500-space parking garage, and approximately 19,000 square feet of commercial space.
The project also includes the construction of a new Hideaway restaurant adjacent to a city-dedicated park. Additional amenities for residents include a small ground-level dog park and a rooftop pool deck on the seventh floor.
Real Estate Inverlad Development (REID) maintains a development and investment portfolio valued at over $1 billion.
