NYC Firm Secures Financing for FL and GA Multifamily Properties
Holliday Fenoglio Fowler, L.P., which worked on behalf of Beachwold, reports that the financing will be used to refinance existing debt on the 400-unit The Place at Alafaya in Orlando and to acquire Litchfield Place, a 76-unit development in Savannah.
ORLANDO—New York City-based Beachwold Residential has secured a total of $37.85 million for the refinancing of an Orlando apartment community and the purchase of a Savannah, GA apartment community.
Holliday Fenoglio Fowler, L.P., which worked on behalf of Beachwold, reports that the financing will be used to refinance existing debt on the 400-unit The Place at Alafaya in Orlando and to acquire Litchfield Place, a 76-unit development in Savannah.
The two 10-year, interest-only, fixed-rate loans were placed with Freddie Mac and will be serviced by HFF, a Freddie Mac Optigo lender. The HFF debt placement team was led by senior managing director Mona Carlton, managing director Elliott Throne and director Jesse Wright.
The Place at Alafaya consists of 36 two-story buildings that feature one- and two-bedroom units. Located at 11600 MacKay Blvd., the East Orlando property is located less than two miles southwest of the University of Central Florida campus as well as multiple lifestyle amenities, parks and hospitals. The community features a swimming pool, basketball courts, tennis courts, volleyball courts, state-of-the-art fitness center, clubhouse, student lounge, hammocks throughout the property, business center and UCF shuttle service.
Beachwold’s newest property to its portfolio is Litchfield Place, which consists of units averaging 1,119 square feet across eight two-story buildings at 6301 Chief of Love. The property, located in the high-growth submarket of Southwest Savannah, provides accessibility to the CBD and the suburban community of Richmond Hill. Additionally, the property is positioned within 15 minutes of Savannah College of Art and Design and 10 minutes from Georgia Southern University’s Armstrong Campus. The property was completed in two phases between 2008 and 2014.
Beachwold presently controls more than 60 properties and more than 15,000 multifamily units in Connecticut, Texas, Florida, New Jersey, Maryland, Tennessee and Virginia.
In December, according to multiple published reports, the firm acquired the 470-unit Hibiscus Springs Rental Homes in Spring Hill, FL for $60 million.