Orlando, Fla. – Berkadia has arranged $37.939 million in acquisition financing for Arrow Ridge, a 320-unit apartment community in Kissimmee. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s South Florida office secured the loan on behalf of Insula Companies, a real estate investment firm based in Sarasota.
Freddie Mac originated the 10-year floating rate Green Loan with five years interest only and a competitive spread over LIBOR.
“With steady increases in payroll employment and a declining unemployment rate already below the state average, the Interstate 4 corridor is an attractive market for multifamily investment that will deliver continued demand,” said Robbins. “With population increases and Brightline’s proposal to build a route between Orlando and Tampa, a tailored approach to financing in highly competitive metro areas was required.”
Built in 1999, Arrow Ridge is located at 4100 Arrow Ridge Place. One-, two-, three-, and four-bedroom units include walk-in closets, vaulted ceilings, washer/dryer, and high speed internet access. Community amenities include fitness center, pool with covered cabanas and sundeck, clubhouse, covered children’s area, and sparkling pond.
Situated less than 15 minutes away from Downtown Kissimmee, Arrow Ridge is located near major employment hubs and transit routes. Walt Disney World is less than 20 minutes away and Kissimmee Gateway Airport - ISM is less than 10 minutes away. U.S. 192 is less than five minutes away, and Interstate 4 is less than 20 minutes away, offering easy access to Downtown Orlando.