Berkadia Arranges $55.5M Financing for Two Apartment Communities in Orlando

ORLANDO, FLA. — Berkadia has arranged two loans totaling $55.5 million for two apartment communities in Orlando on behalf of the borrower, Insula Capital. The financing included the $41.5 million refinancing of The Glenn, a 396-unit apartment community off University Boulevard, and a $15 million acquisition loan for the 168-unit Landmark at Hailey Walk. Insula purchased Landmark at Hailey Walk from ELRH Investments for $18.6 million. The 10-year, floating-rate refinancing for The Glenn features an interest-only period, and the three-year loan for Landmark at Hailey Walk is interest-only for the full term. Mitch Sinberg, Michael Wallace and Matthew Robbins of Berkadia’s South Florida office arranged both loans through Freddie Mac’s Green Up program, and the financing for Landmark at Hailey Walk was also derived from Freddie Mac’s Value-Add program.