Florida Apartments Receive $18M Mezz Loan
This is the third loan to be taken out for the property.
The Latigo Group has obtained a $17.66 million mezzanine loan to finance Lynwind Apartments, a 384-unit property located in Davenport, Fla. The community was completed in 2023 and is currently 91 percent leased.
ECI Group, along with joint venture partners Smith Hill Capital and InterVest, closed on the loan through its private lending platform. The loan marks ECI’s first investment with the Smith Hill and InterVest JV, which was founded last year. Bercut Smith, managing director of capital markets of JLL, represented ECI in the deal.
Lynwind sits on 26.6 acres at 2110 Lynwind Boulevard, not far south of Orlando. The gated community offers one-, two-, three- and four-bedroom units. Common-area amenities include a clubhouse with a gym and yoga studio, swimming pool, and other outdoor recreational facilities.
Units at the community average 981 square feet. Current rent at the property averages $1,699 a month, down from an average of $1,832 a month last year, according to Yardi Matrix data.
Two other loans are associated with the property, Yardi Matrix reports, both originated in late 2020. These are a $49.9 million loan from First Horizon Bank, and a $13 million loan from private lender META Real Estate Partners.
Los Angeles-based Latigo has completed other multifamily developments in Florida, as well as properties in California and Virginia. Atlanta-based ECI Group is a multifamily specialist that has built more than 6,000 units nationwide.
Lending Spikes in 2025
Lending associated with multifamily properties was up 39 percent in dollar volume year-over-year in Q1 2025, according to the Mortgage Bankers Association. Lending for other property types, including office and health care properties, was up even more compared with last year.
READ ALSO: Lending Expected to Increase by Double Digits
Despite ongoing volatility in interest rates and the broader financial markets, borrowers and lenders are finding opportunities to move new deals forward, Reggie Booker, MBA’s associate vice president of commercial research, said in a statement.
The first quarter is typically the slowest of the year, so the Q1 2025 strength in lending “signals renewed momentum and growing confidence in key segments of the market,” Booker noted.
