Berkadia Secures $136M Financing for 2 FL Properties

The Yard at Ivanhoe is a mixed-used project in Orlando, being developed by Real Estate Inverlad, while Grand Boulevard Sandestin is a 469,000-square-foot town center located in Miramar Beach.

Grand Boulevard Sandestin
Grand Boulevard Sandestin

Berkadia has secured $135.7 million in combined financing for two properties in Florida. Senior Managing Director Marc Sumner in the Orlando office secured both financings through two separate life insurance companies.

Sumner secured $80 million in permanent construction financing for The Yard at Ivanhoe through New York Life for a term of 11 years. Located in Orlando, the property is a mixed-used project and is being developed by Real Estate Inverlad.

“The Yard at Ivanhoe consists of 591 apartments and 27,000 square feet of retail. This property will set the bar for multifamily in Orlando,” said Sumner in a prepared statement.

Grand Boulevard Sandestin, a 469,000-square-foot town center located in Miramar Beach, Fla., also received $55.7 million in refinancing. Berkadia secured the 10-year loan for GB Retail LLC.

In another recent deal, Berkadia secured financing for Winter Park Shopping Center, a 76,000-square-foot retail complex in Winter Park, Fla., and completed the sale of Villages at Turtle Creek, a garden-style multifamily property in Lutz, Fla.

Photo via Google Street View