Berkadia announces it has arranged the $68.5 million sale and $36.25 million financing of Veere Apartments, a 250-unit class AA garden style community located in Orlando. Managing Directors Brett Moss and Matthew Wilcox, alongside Associate Director Tyler Swidler of Berkadia Orlando, secured the sale on behalf of Epoch Residential. Managing Director Michael Weinberg and Associate Directors Wesley Moczul and Alec Fox of Berkadia Orlando arranged the financing on behalf of the buyer, Blackfish Investments.
Nationwide Life Insurance Company originated the 10-year, fixed rate loan with full term IO.
“Despite the pandemic-related headwinds and Orlando’s perceived exposure to tourism and hospitality, the Veere process was extremely competitive and garnered significant interest from a diverse range of investors looking to capitalize on Orlando’s robust growth trajectory and strengthening market fundamentals,” said Moss. “The combination of Veere’s remarkable asset quality and highly sought-after Tourist Corridor location uniquely position the property to provide significant long-term value,” added Wilcox.
“The borrower had significant 1031 equity to put to work, so we structured a low leverage loan at a coupon of around 3% with full term I/O,” added Weinberg. “It was a smooth execution by Nationwide, one of Berkadia’s top correspondent life companies, and the borrower side, as well.”
“As a buyer, we were very impressed and pleased with Berkadia’s communication and responsiveness. The sale/purchase process and the acquisition of debt was seamless, and we couldn’t have been more pleased,” said Dave Freeman, founder of Blackfish Investments.
Built in 2020 by Winter Park-based developer Epoch Residential, Veere is located at 10000 Palma Linda Way. One-, two- and three-bedroom units include stainless steel appliances, contemporary cabinetry, granite countertops, wood-plank style flooring, walk-in closets, USB charging ports and electronic keyless entry. Community amenities feature a two-story clubhouse with complimentary Wi-Fi, a resort-style pool, Luxer One package system, a two-story fitness center, resident library with work spaces and a gated dog park with indoor pet spa.
Situated in Orlando’s renowned Tourist Corridor submarket, the community is about 15 minutes away from world-famous attractions including Walt Disney World, Universal Orlando, and SeaWorld. Additional major employers in the area include Lockheed Martin, Marriott Vacations Worldwide, Wyndham Destinations, Orlando Health, and AdventHealth, among others.
Veere will also benefit from the upcoming $1B mixed-use O-Town West project by Unicorp National Developments. Featuring office, retail, medical, hotel and residential uses, the development is located immediately north of Veere and introduces a host of day-to-day conveniences and amenities within walking distance of the community.
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.