Berkadia Secures $118.5 Million to Construct Affordable Housing Development in Orlando

by Channing Hamilton

ORLANDO, FLA. — Berkadia has secured $118.5 million in financing for the construction of 52 at Park, an affordable housing development in Orlando. The financing includes a $73.5 million construction loan, as well as $45 million in Low-Income Housing Tax Credit equity. Chris McGraw and Tim Leonhard of Berkadia arranged the financing on behalf of the borrower, Lincoln Avenue Communities.

52 at Park will comprise 300 units across eight buildings. Units will come in one-, two-, three- and four-bedroom layouts. Planned amenities include a business center, clubhouse, fitness center, pool, laundry room and a game room. A construction timeline was not disclosed. 52 at Park will be affordable to households earning 60 percent of the area median income.

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