Taurus Secures $85M for 2 Orlando Properties

Taurus Investment Holdings has secured an $85.4 million refinancing package for two multifamily communities totaling 532 units in metro Orlando, Fla. Walton Street Capital provided the refinancing, in a deal arranged by Berkadia.

The properties backing the transaction are the 280-unit Summit at Metrowest and the 252-unit Legends at Champions Gate. Taurus has owned the assets since 2021, when it acquired them for a combined $113.4 million.

At the time of the acquisition, Taurus secured a $91.5 million financing package including two notes issued by CIBC Bank USA, according to Yardi Matrix information. Berkadia arranged one of the loans.

Two Orlando communities

Located at 6500 W. Metrowest Blvd. in Orlando, The Summit occupies a 12-acre lot within MetroWest, a 1,805-acre mixed-use, master-planned community. The residential property is close to SeaWorld and Disney World amusement parks. Downtown Orlando is 10 miles away.

The Summit includes 10 two-story buildings completed in 1991. The unit mix features one- to -three-bedroom floorplans ranging from 635 to 1,187 square feet. Interiors include washers and dryers, private balconies and walk-in closets.

Common-area amenities at the pet-friendly community include a swimming pool with a sun deck, a fitness center, a playground area, a clubhouse, outdoor picnic spaces and grilling stations, a dog park and 500 parking spots. Under Taurus’ ownership, the property has undergone interior and exterior renovations.

The Legends at Champions Gate occupies 16 acres at 8101 Champions Circle in Champions Gate, Fla. The property is close to Interstate 4 and to Reunion Resort Water Park. Downtown Orlando and its international airport are both within 27 miles.

Completed in 2001, the community comprises 10 buildings rising three stories, with one- to four-bedroom floorplans ranging from 676 to 1,485 square feet. Apartments include vinyl flooring, kitchens with pantries and private balconies.

The amenity package features a fitness center, a conference room, a dog park, green spaces with a lake area, a swimming pool, barbecue grills, a clubhouse and 500 parking spaces.

Berkadia Vice President Hugo Hernandez and Senior Managing Director Mitch Sinberg, together with Managing Directors Matt Robbins, Brad Williamson and Scott Wadler, arranged the financing.

Multifamily debt originations increased 46 percent on a year-over-year basis, according to a first-quarter Newmark report. However, both active lenders and origination volume remained well below pre-pandemic figures. Meanwhile, delinquency rates continued to rise, reaching 5.4 percent at the end of March.