An affiliate of Treevita, a South Florida real estate investment, operating, and management company run by Hugo Cascavita that operates over 600 units according to its website, has closed a $26.4 million Fannie Mae conventional multifamily loan to refinance New Colony Homes, a market rate garden-style community in Lauderhill, Florida, near Fort Lauderdale.
The loan was originated by Joey Berezdivin at Lument, a leading multifamily lender. The Fannie Mae loan features a fixed interest rate, five-year term with three years of interest only, and 30-year amortization schedule. In addition to refinancing existing debt, the transaction provided substantial cash-out proceeds to be leveraged to expand the sponsor’s portfolio through strategic acquisitions.
Originally built in 1973, the community consists of 180 units in 16, two-story residential buildings. The borrower purchased the property in 2020 and subsequently invested nearly $5.8 million into the community, making significant improvements, including upgrades to unit interiors. The refinance provides permanent financing to position the community for long-term success as an important source of quality multifamily housing for residents in Broward County. New Colony Homes offers a mix one-bedroom, two-bedroom, and three-bedrooms apartments, ranging from 800 square feet to 1,000 square feet. The property is well positioned to increase its three-bedroom exposure due to a zoning variance on the property allowing for larger families to enjoy the newly renovated property.