Berkadia arranged a $61.3 million loan for the construction of The Yard at Brookhaven, a new 293,000-square-foot mixed-use residential community near downtown Orlando, Florida.
Marc Sumner of Berkadia Orlando arranged the financing on behalf of Real Estate Inverlad Development (REID). Commercial Edge reports City National Bank provided a three-year, adjustable-rate loan. The deal closed on September 2nd. Construction commenced in March.
Located on four acres at the intersection of Brookhaven Drive and Virginia Drive in the Lake Ivanhoe/Lake Formosa section of Orlando, The Yard at Brookhaven will be a seven-story building with 265 residential units and a 500-space parking garage, and approximately 19,000 square feet of commercial space. As part of the development, the sponsor built a new Hideaway restaurant adjacent to a park dedicated to the city. Amenities include a small ground‐level dog park as well as a seventh-floor pool amenity deck.
REID has a total development and investment portfolio exceeding $1 billion.
