Berkadia has secured a $14.82 million loan on behalf of borrower Rock Rose Partners Royal Oaks LP for the acquisition of Royal Oaks Apartments, a two-story apartment community with 216 units located in Orlando, Florida. Delaware-based Rock Rose Partners Royal Oaks LP acquired the property, situated on 4793 North Pine Hills Road, for $18.073 million.
Berkadia South Florida Senior Managing Director Charles Foschini along with Managing Director Chris Apone arranged the adjustable rate, three-year loan, with an LTV of 82%.
“The borrower came to us with an exceptional value-add strategy for the property,” said Foschini. “Based on the amount of additional improvements they needed to provide, we identified a lender who could both allow them to acquire the property and then support their business plan over the next several years.“
Built in 1992, Royal Oaks Apartments is located in the Signal Hill area of Orlando, conveniently close to major highways, local shopping, dining, schools, recreation, and Orlando Executive Airport. Royal Oaks Apartments offers two- and three-bedroom floor plans and amenities including a pool, fully equipped fitness center, clubhouse, playground, 24 hour emergency maintenance, and professional on-site management.
Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, 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.