Berkadia has arranged the sale and financing of 1020 at Winter Springs, a 208-unit garden-style multifamily asset in the Winter Springs submarket of Orlando. Covenant Capital Group, a Nashville-based value-add investment manager, sold the property to a joint venture between the Michaelson Group and GMF Capital for $32.5 million, or $156,250 per unit. The property was 97% occupied at the time of sale. Senior Managing Director Cole Whitaker, Managing Director Jason Stanton, Director Mary Beale and Director Greg Rainey of Berkadia’s Orlando office represented the seller. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins secured financing on behalf of the buyer. Freddie Mac provided the $26.13 million, fixed-rate loan with a 10-year term and five years interest only.
“1020 at Winter Springs has consistently proven to be a tremendous rental community with its access to top-rated schools and proximity to quality retail,” said Cole Whitaker.
Located at 1020 Chatham Pines Circle, 1020 at Winter Springs was built in 1992 and is composed of one-, two- and three-bedroom apartments averaging 769 square feet. Units feature stainless steel appliances, granite countertops, garden tubs, full-size washer and dryer connections, ceilings fans, balconies or patios and oversized closets. Select units also feature vaulted ceilings, fire places and lake views. The gated community is located in a park-like setting, with lake views, and shared amenities including a swimming pool, tennis courts, clubhouse, fitness center, playground, laundry facility, and covered parking. The property is conveniently situated within proximity to U.S. Route 17 (U.S. 17) and State Road 417 (Central Florida GreeneWay), connecting residents to abundant employment opportunities throughout the Orlando metro area. Altamonte Mall, University of Central Florida, Full Sail University, Siemens and Winter Park Memorial Hospital are all located less than 10 miles away.
“This was a tremendous value-add opportunity that gave Berkadia the leverage to structure a long-term, fixed-rate loan with very aggressive terms and rate, all while giving the borrower the flexibility to recapitalize the asset through a supplemental financing in the future,” added Mitch Sinberg. “The sponsor has a proven track record of implementing capital improvements leading to significant NOI growth which enabled us to get Freddie Mac comfortable with the loan terms.”
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