Dealmaker: Avison Young Completes $38M Orlando Apartment Refinancing

(Courtesy Avison Young)

Avison Young Capital Markets, Toronto, arranged the $37.5 million refinancing of a luxury apartment community, Azul Baldwin Park, in Orlando, Fla.

Avison Young’s Capital Markets lead Principals Jay Maddox and Peter Sherman and Miami-based Principal George Vail closed the deal on behalf of the owner, Beverly Hills, Calif.-based Cores Management.

The 178-unit property, with , is a few miles from downtown Orlando and has consistently performed at a 95% occupancy.

Maddox noted the client faced a highly challenging financing requirement to renew the interest rate cap on their existing loan within 75 days, which would have come at a prohibitive seven-figure cost. “We pursued a five-year fixed-rate loan with prepayment flexibility and minimal new cash investment,” he said. Avison Young delivered a nonrecourse five-year fixed-rate insurance company loan at better pricing, proceeds and terms than quoted elsewhere within the required deadline.