Berkadia announces it has arranged $43.2 million in financing for the acquisition of Legends at ChampionsGate, a 252-unit multifamily community in Orlando, Florida. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia Boca Raton secured the financing on behalf of global real estate private equity firm, Taurus Investment Holdings, which acquired the property for $53.8 million.
This investment represents Taurus’ fifth multifamily acquisition in Central Florida. “Legends at ChampionsGate is a high quality asset and its profile aligns well within our multifamily strategy,” said Nick Clark, Managing Director of Taurus Investment Holdings.
Bank financing was secured for the 3-year, floating rate loan with a full term IO at a 75 percent LTC, with additional funds to finance a capital improvements plan.
“Orlando continues to impress with its resilient job market and consistent flow of in-migration, making it one of the most attractive markets in a state that heavily competes with the rest of the Sun Belt region,” said Robbins. “As hospitality and tourism continue to bounce back, the area’s labor pool will undoubtedly benefit, along with other key sectors that offer upward mobility and career longevity including advanced manufacturing, aerospace and defense, financial technology and life sciences and healthcare.”
Built in 2002, Legends at ChampionsGate is located at 8101 Champions Cir. One-, two- and three-bedroom units include built-in shelving, french doors, digital thermostats, hardwood style flooring, walk-in closets and private balconies. Community amenities feature a swimming pool, fitness center, playground, business center and yoga room.
Situated in the Champions Gate neighborhood just south of Downtown Orlando, the community is found less than 10 minutes away from Interstate 4, providing direct access throughout the greater Orlando area and central Florida. Major employers including Walt Disney World and Universal Orlando Resort are about 15 and 25 minutes away, respectively. Lakeland, Florida, which is quickly becoming the logistics hub of Florida, has a corporate presence that includes FedEx, Amazon Saddle Creek Logistics Services and Publix.
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.
