McKinley Continues Long Term Financing Effort for its Central Florida Workforce Housing PortfolioJune 16, 2017
McKinley is pleased to announce that it has closed on a $6,500,000 long-term financing with Fannie Mae (FNMA) for Sun Pointe Lake Apartments, a 96-unit market rate Multifamily community located in Daytona Beach, Florida. This continues the on-going effort of locking in over $1.25 Billion in long term financings with maturities ranging from 10 to 35 years on McKinley's Multifamily platform located in Michigan, Indiana, Illinois, Georgia and Florida. Berkadia, Berkshire Hathaway and Leucadia National company, originated the financing on behalf of McKinley. Berkadia’s long-term relationship with McKinley spans several decades, and within the last 5 years it has executed on over $1 Billion of Multifamily long-term mortgages on behalf of McKinley via HUD, Fannie Mae and Freddie Mac.
"We continue our long-term refinancing efforts in this most favorable interest rate environment. We have now closed on almost all of our Multifamily debt at historically low interest rates, the majority of which is locked up for 35 years. As interest rates continue to rise, this very favorable debt platform will be highly accretive to our long term generational asset values," offered Albert M. Berriz, McKinley's CEO, Managing Member and Co-Owner. "We have been and will continue to be very disciplined in this effort, and that financial discipline along with extraordinary asset performance, has combined to build a fortress balance sheet position for our enterprise now and into the future," added Berriz.
McKinley is proud to be a major employer and owner of Multifamily and Retail real estate throughout Central Florida, having actively invested in the region since 1982. As one of the largest owners of Multifamily real estate throughout Central Florida, McKinley is committed to the future and well-being of the region, its customers that provide us the opportunity to serve their housing needs, and its 500 amazing Central Florida based team members who make it happen every day. McKinley currently owns a portfolio of 57 multifamily communities in seven major Central Florida sub-markets including the Orlando Theme Park market, the Orlando Airport market, Winter Park, Daytona Beach, Gainesville, Pinellas County which includes Clearwater, South Pasadena, North Redington Beach and Gulfport, and Tampa/Hyde Park/South Tampa. McKinley operates in the Central Florida Region under its flagship McKinley workforce housing brand, as well as its luxury brands which include McKinley Beach on the Barrier Islands of Pinellas County and McKinley Hyde Park in Hyde Park/South Tampa.