Unicorp Lands $73M Construction Loan for Orlando-Area Apartments
In addition to traditional units, the community will also include carriage house buildings.
Unicorp National Developments has obtained a $73 million construction loan for development of Elysian, a 323-unit upmarket apartment community located in Winter Park, Fla,. a suburb of Orlando. Centennial Bank facilitated the loan.
The project has been in the works since 2021, when Unicorp acquired the site for $6.5 million. Initially, the development was approved for 212 units, but Unicrop redesigned it at a higher density in 2023. With site clearing complete and pipe installation underway, groundbreaking on Elysian is imminent, with construction expected to take about 18 months.
The company had been waiting for interest rates to come down before proceeding on further development, Unicorp President Chuck Whittall said in a statement.
“We do anticipate that over the next 12 to 18 months, we’re going to see significant rate drops,” Whittall said. “So we’re going to break ground on about 1,500 units this year, and (this is) the first one.”
Unique designs
The new community will be located at the northeast corner of Avalon Road and Seidel Avenue in Winter Garden, a western suburb of Orlando. As of 2023, the city had a population of more than 47,000, compared with 34,500 in 2010.
READ ALSO: Orlando Multifamily Report
Designed by Krieger Klatt Architects, Elysian’s amenities will include a wine bar, fitness center with yoga, Pilates and cycling studios, as well as a movie theater, a steam room and sauna, The property will offer a resort-style pool with cabanas, and a clubhouse fireplace.
The gated property will include six four-story apartment buildings, as well as four carriage house buildings, each with five units. The carriage houses are a mix of two-story and three-story units, each with their own enclosed single-car garage.
These carriage house units would be akin to a standard, two- or three-bedroom house with around 1,200 square feet, according to Whittall. The company has used the same design at two previous multifamily projects, Zen at Winter Park and Venetian Isle in Horizon West, Fla.
