McKinley $14.16 Million Bridge Loan with Bank of AmericaFebruary 10, 2013
ORLANDO, FLORIDA - McKinley announced the closing of a $14,160,000 Bridge Loan with the Bank of America for RIVA Apartments, a 278 unit community located in Southwest Orlando. The property enjoys a superb location just a few blocks from Universal Studios Orlando and The Mall at Millenia. McKinley recently completed a major renovation of this communitythat itoriginally acquired as a fractured condominium and it has now fully stabilized the asset as a rental apartment community.
"We truly value our relationship with Bank of America. said Albert M. Berriz, CEO of McKinley. They have been a tremendous partner for us in our acquisition and bridge financing efforts." McKinley is in the process of securing long term HUD financing through Berkadia Commercial Mortgage and that financing is expected to close later this year.
McKinley is actively involved in managing rental communities and condominiums throughout the State of Florida on its own behalf and for select clients. Florida is McKinley's largest concentration of multifamily management with over 10,000 units under management throughout the state. McKinley has been actively involved in the investment and management of multifamily and commercial assets in Florida since 1982.