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Colony NorthStar sells Fla. multifamily community

Diversified real estate investment trust Colony NorthStar Inc. sold the 300-unit Art Avenue Apartment Homes property in Orlando, Fla., to real estate company Robbins Property Associates, Citybizlist South Florida reported.

The buyer funded the acquisition of the multifamily community at 10201 Lee Vista Blvd. with a $40.5 million 10-year term loan originated by Freddie Mac. The floating-rate loan comes with a competitive loan-to-value ratio and five years of interest only, according to the publication.

The loan was arranged by commercial real estate services firm Berkadia.