Berkadia Secures $16.4M in Equity for Apartment Project in Orlando’s Lake Nona District

ORLANDO, FLA. — Berkadia has secured $16.4 million in equity financing for the construction of Encore Narcoossee, a new 249-unit apartment community underway at 7567 Narcoossee Road in Orlando’s Lake Nona master-planned community. The developer, Dallas-based Encore Multifamily, a division of Encore Enterprises, has also secured a construction loan from Synovus Bank for the project. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia’s JV Equity & Structured Capital team secured the unnamed institutional investment manager as the capital source. This is the third equity placement that Berkadia has structured for Encore Multifamily in the past two years. Upon completion, Encore Narcoossee will feature a mix of studio, one-, two- and three-bedroom apartments averaging 920 square feet, as well as a clubhouse, fitness center and a pool.