Berkadia Secures $118M in Financing for Affordable Housing Community in Orlando, Florida
Orlando, Fla. – February 21, 2024 – Berkadia announced today the financing for the construction of 52 at Park, a new-construction affordable housing property in Orlando, Florida. Senior Managing Director Tim Leonhard and Senior Vice President Chris McGraw of Berkadia Affordable Housing secured the $73.5 million construction loan and $45 million Low-Income Housing Tax Credit (LIHTC) equity investment on behalf of the sponsor, Lincoln Avenue Communities.
52 at Park will consist of eight buildings comprising a total of 300 units, accommodating family households with a mix of one-, two-, three-, and four-bedroom units at Area Median Income (AMI) levels of 60 percent. Residents will enjoy amenities such as a business center, clubhouse, fitness center, pool, laundry room, and game room.
“Berkadia Mortgage Banking and Investment Sales teams have partnered with Lincoln Avenue Communities on several complex affordable housing transactions over the years. We’re thrilled to provide both debt and equity to finance 52 at Park,” said Chris McGraw, SVP and Head of Acquisitions, Berkadia Affordable Housing.
Lincoln Avenue Communities acquires and develops high-quality, affordable homes, while implementing a range of innovative solutions to support their residents and communities. LAC proudly serves more than 50,000 residents across 26 states.
“LAC is proud to work with Berkadia to create 300 units of new affordable housing in one of the nation’s most rent-burdened communities,” said LAC CEO Jeremy Bronfman. “Our development of 52 at Park will ensure that Orlando residents have access to attainable, high-quality homes for generations to come.”