Unicorp Lands $168M for 900 Units in Orlando
Funds will go to the next two phases of the development.
Unicorp National Developments has secured a $168 million construction loan for the next two phases of Glasshouse at O-Town West, a three-building multifamily development in Orlando, Fla.
Centennial Bank provided the financing. The transaction brought the lender’s cumulative loaning with the developer past the $1 billion mark.
This is not the first time the two collaborated. Centennial Bank has been steadily funding a series of Unicorp multifamily projects over the past decade. A recent one includes Elysian, a 323-unit project in the Orlando suburb of Winter Park, Fla. Centennial provided a $73 million loan for the project, which has been in the works since 2021.
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The upcoming phases of Glasshouse will add 591 units, bringing the community’s total to more than 900 residences. Construction began in late September, with completion expected by mid-2027, according to GrowthSpotter.
Phase I of the project comprises more than 300 apartments and is already more than 90 percent occupied. Construction began in 2020 and the property came online last year, according to Yardi Matrix. That phase is subject to a $93 million loan provided by Goldman Sachs in 2023, the same source shows.
Located at 11804 Glass House Lane, Glasshouse at O-Town West is near Lake Ruby and Willis, in an area with retail and restaurant options. Interstate 4 is nearby, offering access throughout the region, while both downtown Orlando and the Orlando International Airport are roughly 14 miles away.
Spotlight on wellness and wellbeing
Floor plans at the pet-friendly property include studios and one- to three-bedroom units. Residences feature floor-to-ceiling windows, walk-in closets, soaking bathtubs, separate showers, and private patios.
The community’s amenity package offers a swimming pool, a 30,000-square-foot clubhouse with a restaurant and delivery services, and a lake house with an outdoor kitchen and grilling stations. Glasshouse also features a game room and lounge area, a fitness center with aerobic studios, and a spa with saunas and steam rooms. Other amenities include a conference room, business lounge, children’s playroom, and extensive outdoor areas such as firepits, seating spaces, cabanas with a dipping pool, dog park, three courtyards, and access to walking trails.
Luxury projects in Orlando
New projects were recently added to Orlando’s luxury segment, such as the 363-unit Baldwin East Apartments, located within the metro’s east side submarket. Developed by Hedrick Brothers Development, construction on the $106 million project started in June.
In May, Madison Communities opened a 292-unit luxury community in Rockledge, Fla., as part of its expansion in the southeastern U.S. Dubbed Madison Grove, the property sits at the site of a former Sears-anchored shopping mall, with apartments marketed to renters by choice, as the area continues to see growth in its job market.
