Advenir secured a $93.6 million loan to refinance two condominium communities in Palm Beach County: the Advenir of Banyan Lake and the Advenir of La Costa, vintage garden-style condominiums in Boynton Beach, Florida.
Berkadia has secured funding on behalf of Advenir, led by Managing Director Charles Foschini and Managing Director Chris Apone.
Freddie Mac offered a $93.6 million, fixed-rate, seven-year, lifetime interest-only loan.
Advenir acquired both properties in 2015 and implemented a value-added renovation program.
“Relationships are important at times like this,” says Foschini. Given the unprecedented volatility and overall rally in the Treasury over the past few months, we have recommended meeting the borrower’s goals related to both terms and returning significant cash to our partners on both transactions. was made.”
Advenir at Banyan Lake is located at 1561 Stonehaven Drive. 268-unit apartment complex built in 1986. We offer 1, 2 and 3 bedroom apartment units ranging from 900 square feet to 1,290 square feet. Individual units feature oversized floor plans, walk-in closets, ceiling fans, washers and dryers, and private patios and balconies. Community amenities include a swimming pool, fitness center, barbecue grills, playground, racquetball courts, two tennis courts, and his three lakes with fountains.
Another property is a 328 unit multi-family home at 4101 Mohogany Drive built in 1986. Individual amenities include stainless steel double bowl sinks with disposal, breakfast bar, Formica countertops, walk-in closets, vaulted ceilings, ceiling fans, full-size washer and dryer, private balconies and patios . Community amenities include two resort-style pools, 24-hour fitness center, tennis courts, outdoor lounge areas with Wi-Fi, lakefront jogging track with exercise stations, car care center, cyber cafe and coffee bar , fishing dock.
Both properties are centrally located in Boynton Beach with easy access to the Florida Turnpike and Interstate 95. We are also within 1 mile of Quantum Corporate Park, Boynton Beach Mall, JFK Medical Center, Palm Beach International Airport and the Port of Palm Beach.