BOYNTON BEACH, FL. — Berkadia provided a $93.6 million loan on behalf of Advenir to finance Advenir in Banyan Lake and Advenir in La Costa, two multi-family communities located in Boynton Beach. Berkadia’s Charles Foschini and Chris Apone are behind the seven-year fixed-rate Freddie loan, which provides interest-only payments for the full term.
Advenir at Banyan Lake is a 268-unit community located at 1561 Stonehaven Drive with one-, two-, and three-bedroom apartments ranging from 900 to 1,290 square feet. The development’s facilities include a swimming pool, fitness center, barbecue grills, playground, racquetball courts, tennis courts and lakes.
Located at 4101 Mahogany Drive, Advenir at La Costa is a 328-unit property with one- and two-bedroom apartments ranging from 784 to 1,116 square feet. Community facilities include two swimming pools, 24-hour fitness center, tennis court, outdoor lounge, lakeside jogging track, internet cafe and coffee shop, car service center and fishing pier.
Both properties were built in 1986 and have undergone value-added renovations after being acquired by Advenir in 2015.