Berkadia Secures $65.5M Bridge Loan for Orlando-Area BTR Community

Berkadia has arranged $65.5M in bridge financing for Ocoee Village Townhomes, a newly built, 232-unit build-to-rent community about 20 minutes west of Downtown Orlando, according to the firm’s announcement. Kayne Anderson provided the three-year, floating-rate loan on behalf of sponsor Kimaya, a family-owned real estate firm affiliated with Park Square Homes. Proceeds will retire existing construction debt as the property finishes lease-up.

Why it matters

The deal is a bridge-to-stabilization loan, not new construction capital, on a project that’s already built: Ocoee Village delivered in 2024 and is now in lease-up, per Berkadia. That sequencing, build first on a 35-acre site inside a mixed-use development anchored by a Walmart Neighborhood Market, then refinance once the building is standing, is the build-to-rent playbook Berkadia’s team points to as evidence of “limited competitive build-to-rent townhome supply” in West Orange County. For developers watching Central Florida’s rental market, a 232-unit, three- and four-bedroom townhome product getting refinanced out of construction debt while still finalizing lease-up is a signal that lenders see the BTR thesis as durable enough to bridge, even before full stabilization.

The numbers

Ocoee Village Townhomes comprises 232 residences, 146 three-bedroom and 86 four-bedroom units averaging 1,645 square feet, across 43 two-story buildings on 35.3 acres at 2039 Marigold Park Drive. Associate Director Wesley Moczul of Berkadia Orlando led the transaction, with Senior Managing Director Mitch Sinberg, Managing Directors Brad Williamson, Scott Wadler and Matt Robbins, and Senior Analyst Jacob Kelly of Berkadia Miami also on the deal. Kimaya, the sponsor, says it owns or operates roughly 1,900 multifamily units with another 1,160 in development across multifamily, BTR, senior living, hospitality and retail. None of the loan’s pricing, term fees or Kayne Anderson’s typical BTR bridge-lending volume were disclosed beyond Berkadia’s release.

What’s next

The property still has to finish lease-up and reach stabilization before the three-year bridge loan’s economics get tested; Berkadia’s release doesn’t give a stabilization timeline or current occupancy. The Ocoee Village mixed-use development around it, which includes retail tenants like Chipotle, AT&T and Heartland Dental, is a template Park Square Homes-affiliated sponsors could look to repeat elsewhere in West Orange County if the townhome product leases up as Berkadia’s team expects. For more on the build-to-rent financing wave, see our national coverage.