Berkadia announces it has arranged the acquisition financing for The Canopy Apartment Villas, a 296-unit rental community located in Orlando, Florida.
Senior Managing Director Mitch Sinberg and Managing Director Matthew Robbins of Berkadia Boca Raton and Managing Director Brad Williamson of Berkadia Miami secured a loan on behalf of the buyer, a joint venture between Taurus Investment Holdings, a global private equity real estate firm, and Aegon Asset Management, the asset management arm of Aegon N.V. A bank originated the $58.56 million, five-year loan.
Earlier this year, Taurus and Aegon AM announced a four year, $600 million ESG-centric partnership aimed at acquiring value-add multifamily assets and reducing their energy consumption and carbon outputs. Through Taurus’s energy-focused subsidiary, RENU Communities, Taurus will aim to transition The Canopy Apartment Villas to a low-carbon, energy efficient multifamily complex.
“Canopy Apartment Villas is exceptionally located in Orlando, close to major Florida attractions, where there is a strong demand for multifamily communities and continued population and employment growth,” said Robbins. “Canopy will also provide investors with a unique opportunity to deliver strong returns and benefit the environment.”
“Taurus and Aegon AM have made a commitment to building a business that delivers returns to our investors, while also positively impacting both society and the environment, so it only makes sense to partner for this substantial decarbonization venture,” said Peter A. Merrigan, CEO of Taurus. “RENU has already proven to be a leader in addressing carbon emissions in existing buildings, and its work across this portfolio will further show our innovative ability to decarbonize properties in a way that is beneficial to all parties.”
Built in 1981, The Canopy Apartment Villas offer one-, two- and three-bedroom apartments ranging from 826 square feet to 1,337 square feet. Individual units feature ceramic tile and wood-vinyl plank flooring, brushed nickel accents, wood burning fireplaces, designer kitchens, black or stainless-steel appliances, maple cabinetry, ceiling fans with light fixtures, California closets, double bathroom sinks and over-sized fenced-in private patios. Community amenities include a fitness center, two resort-style swimming pools, a summer kitchen with gas grills and gazebo, poolside fire pit with seating area, a community playground and newly updated clubhouse.
Located in the neighborhood of Ventura in Orlando, Canopy Apartment Villas is just minutes from I-4 and the 408 Expressway, and close to the Ventura Country Club, the Orlando International Airport, Valencia Community College, Century Plaza and Demetree Park.
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.