Orlando, Fla. — Berkadia has secured $71 million in bridge financing for UnionWest at Creative Village, a 640-bed student housing community located in Orlando. The high-rise property serves students attending the University of Central Florida (UCF) and Valencia College.
Michael Weinberg, Rebecca Van Reken and Alec Fox of Berkadia secured the financing through Bank of America on behalf of Development Ventures Group, Ustler Development and Halstatt Real Estate Partners.
UnionWest at Creative Village offers four-bedroom units alongside shared amenities including a sky deck, study areas and kitchen and laundry services on each floor. The community is also home to educational space, including Valencia College’s 55,000-square-foot Walt Disney World Center for Culinary Arts and Hospitality; and 49,910 square feet of academic and student support space for UCF.
The property also features 12,000 square feet of ground floor retail space leased to Subway, Dunkin’, Vera Asian, Qdoba and Addition Financial.