Loan prompts redo of Booth Towers

William Booth Towers, a subsidized residential tower off West Colonial Avenue in downtown, is slated for renovations.

structured a $6.89 million loan for the senior-living rental property. Senior Vice President Jeff Kearns led the effort, which used a U.S. Department of Housing and Urban Development program to refinance the property’s existing HUD 202 loan. The refinance reduced the interest rate by 3 percent and generated funds for a $3.5 million rehab, which will include cabinet upgrades, paint, upgraded security system and accessibility features. $1,600-$1,800 per month more than doubled during a 10-year period ending in 2015, according to the Joint Center for Housing Studies of Harvard.

Orlando-area renters paying that price range grew from 8,481 to 17,480 during that time, according to the report that showed an increase in higherpriced apartments nationally.

The most common rent paid in the four-county region is $800 to $1,000, which was paid by 81,531 renters in the region in 2015. Orlando-based

is under way on construction for

Orlando office plant, at 2401 Dinneen Ave., Orlando.

The 5,000-square-foot interior buildout project began June 12 and is slated for completion in mid-August.

took 3,500 square feet and logistics software company leased 2,191.

represented

the

landlord, secured a $32 million loan for borrower

to acquire Courtney at Lake Shadow, a new apartment community at 545 S. Keller Road, Maitland.

Berkadia South Florida Senior Managing Director Charles Foschini and Managing Director Christopher Apone arranged the

seven-year, floating-rate loan for the property in the Maitland Center Office Park. Berkadia also negotiated the $16.4 million sale of Carmendy Square Townhomes with 152 units at 367 Sunny Oaks Way in Lady Lake. Orlando Berkadia Senior Managing Director Cole Whitaker and Director Mary Beale represented the Chicago-based seller.