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November 17, 2017  

Orlando Apartment Buyer Taps BofA

Bank of America wrote a $65.7 million floating-rate loan this week for the buyer of a new apartment complex in Orlando.Harbor Group International acquired the 449-unit property, at 990 Warehouse Road in the Audubon Park district, for $97.1 million, or $216,000/unit.The mortgage is pegged to 185 bp over Libor and has a five-year term, including extension options. The loan-to-cost ratio is 68%. Berkadia advised Harbor, of Norfolk, Va.The complex,...

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