ORLANDO (October 7,  2020) – Berkadia announces it has secured a $74 million loan for the recapitalization of Linden Audubon Park, a 449-unit, Class A gated multifamily built in 2017 in the heart of Orlando’s coveted “Parks” district in Orlando, Florida.  Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia’s Miami office secured the financing on behalf of the borrower, Harbor Group International.

Berkadia originated, and Freddie Mac purchased, the 10-year, floating-rate loan with partial interest only and a 75 percent LTV. 

“Freddie Mac once again delivered an exceptional floating-rate loan both in terms of flexibility and rate for the borrower,” said Foschini. “With the overhang of the coronavirus pandemic around us, we took great care in our underwriting to demonstrate that this asset and its owner are uniquely capable of maintaining and operating an Orlando multifamily property.”

Located at 990 Warehouse Road, Linden Audubon Park is a gated community built on a 19-acre infill site in Audubon Park – a leafy, bike-friendly district known for its mid-century bungalows, high-quality schools and proximity to Orlando’s CBD just five minutes away. The property occupies the last buildable multifamily garden parcel of this size in this exclusive pocket of the metro area.

The community consists of 12 three- and-four story buildings offering a mix of one-, two- and three-bedroom floor plans, including townhomes with attached garages and elevator access in some buildings. Individual apartments feature quartz countertops, energy-efficient stainless steel appliances, nine- and 10-foot ceilings, wood-inspired flooring, full size washer and dryer, oversized windows, screened patios and designer fixtures. Community amenities include two resort-style pools; poolside entertaining bar & TVs; outdoor kitchens, gas grill areas and fire pit;  a two-story resident clubhouse with expansive gym; a stand-up tanning room and game room; a bark park and dog wash station; water views; and direct access to Cady Way Trail and Lake Druid Park.

Audubon Park was the winner of the 2016 Great American Main Street Award and is one the most desirable neighborhoods in Orlando with its top-rated schools and parks, proximity to over 400,000 jobs, and impressive local food and drink scene.
NARK

###

About Berkadia®:

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, 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.

© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.

Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.

Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.

This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.

In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc.  under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. # 01931050. 

Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.

For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx

MORRISTOWN, N.J. – JLL announced today that it has closed the sale of The Peaks of Nanuet, a 504-unit apartment complex in the suburb of Nanuet, Rockland County, New York.

JLL marketed the property exclusively on behalf of the seller, a joint venture between Harbor Group International, LLC and Azure Partners LLC. Mill Creek Residential Trust LLC and a partner purchased the asset free and clear of existing financing.

The Peaks of Nanuet consists of 64 buildings set on 54 acres that comprise a mix of one-, two- and three-bedroom units averaging 1,208 square feet, with approximately 40% of homes also inclusive of lofts. Units feature intrusion alarms, separate dining rooms, spacious closets, full-sized washers and dryers, and patios or balconies. The transit-oriented property is located at 100 Avalon Gardens Drive less than a mile from the intersection of the Garden State Parkway, Interstate 287 and Palisades Interstate Parkway. Due to its central location, The Peaks of Nanuet is convenient to Manhattan, the New Jersey state line and Westchester County via car and a variety of mass transit options. Community amenities include a large renovated clubhouse, fully equipped fitness center, yoga room, indoor basketball courts, racquetball court, business center and a resident lounge with fireplace. The property was 95% occupied at closing.

The JLL Capital Markets team representing the seller included Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Andrew Scandalios and Michael Kavanagh. 

“The Peaks asset was highly sought after by both institutional and private buyers given the property’s location, surrounding demographics and renovation upside,” Cruz stated. “This sale marks the largest multi-housing trade in Rockland County to date.”

WASHINGTON D.C. – JLL announced today it has closed the $58.85 million sale and $45.9 million financing of Palette at Arts District, a 243-unit multi-housing community located in the Arts District of Hyattsville, Maryland.

JLL marketed the property on behalf of the seller, a global real estate investment manager, and procured the buyer, Harbor Group International, LLC. In addition, JLL worked on the new owner’s behalf to arrange a 10-year, fixed-rate Fannie Mae acquisition loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

Palette at Arts District is situated on 3.75 acres at 5501 45th Avenue within a 20-minute drive of Washington, D.C.’s CBD, a five-minute drive from Prince George’s Plaza Metro Station (Green Line) and a 10-minute walk to the Riverdale MARC train station. The property is also a short walk via the adjacent walking trail to Prince George’s County’s first Whole Foods store, which is surrounded by numerous other retail and dining options. Community amenities include a resort-style pool with lounge seating, courtyard with a fireplace and gas grills, dog park with agility stations, clubroom with pool table, indoor/outdoor cybercafé with coffee bar, state-of-the-art fitness center and conference room. Other amenities include a rooftop deck with bar, fire pit, grill and pool table offering stunning city views. The property, which was constructed in 2012, consists of a variety of studio, one- and two-bedroom floor plans averaging 870 square feet and approximately 4,700 square feet of ground-floor retail.

The JLL Capital Markets team representing the seller included Walter Coker and Brian Crivella.

JLL’s Capital Markets debt placement team representing the new owner was led by Jamie Leachman.

FLORHAM PARK, NJ – December 6, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has represented The DSF Group in the $259.4 million sale of Halstead New Rochelle Metro North, a 40-story, 588-unit, Class A apartment tower in New Rochelle, Westchester County, New York.

The HFF team marketed the property exclusively on behalf of the seller, The DSF Group (DSF), and procured the buyers, Azure Partners and Harbor Group International, LLC.

Halstead New Rochelle Metro North was completed in 2007 and comprises a mix of 95-percent-occupied, market-rate studio through three-bedroom units averaging 956 square feet.  The transit-oriented property, which has earned a Walk Score® of 97, is situated along Huguenot Street adjacent to the New Rochelle Metro North train station and is within walking distance to New Rochelle’s many shops and restaurants.  As the tallest apartment tower in Westchester County, residents enjoy panoramic views of the Long Island Sound and Manhattan skyline.  DSF purchased the property in November 2013 and implemented an amenity renovation program, including the delivery of a 40th floor, state-of-the-art sports club, which includes cardio machines, free weights, weight machines, yoga studio, spin room and lounge.  Additional amenities include a resort-style swimming pool, resident lounge, landscaped courtyard, coffee bar, dog park, conference room, business center, billiards room and nearly 6,000 square feet of on-site, ground-floor retail.

The HFF investment advisory team representing The DSF Group included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and JB Bruno, along with Andrew Scandalios.

“The asset’s visibility and location in the market helped drive demand from all buyer types, including domestic and offshore equity groups,” Cruz stated.  “Also, the ability to add value by renovating the units was a key driver for the investor pool.”

“We are very pleased with the sale of Halstead New Rochelle,” stated DSF President Josh Solomon.  “This is another successful execution of our value-add strategy to acquire and reposition transit-oriented multifamily properties in ring communities.”