Allen Morris, Ustler Development Secure $66M for Orlando Project
SunTrust and Santander Bank provided the financing for Creative Village Parcel M Apartments, a 409-unit community that will cater to students attending the new University of Central Florida Downtown.
Rendering of Creative Village Parcel M Apartments
Allen Morris Co., along with Ustler Development, has secured $66 million in financing for the Creative Village Parcel M Apartments in downtown Orlando. The financing was provided from SunTrust Bank and Santander Bank via a syndicate led by SunTrust Robinson Humphrey.
Creative Village Parcel M Apartments will feature a Class A, 14-story, 409-unit market rate apartment project located across the street from the new University of Central Florida (UCF) Downtown and Valencia Downtown Campus in Orlando. Opening in August 2019, the new campus will total more than 8,000 students, faculty and staff.
Equity was provided by affiliates of The Allen Morris Co. and Ustler Development Inc. An equity partner was arranged by Walker & Dunlop.
“We have put together a great team for this project, and it is the first market-rate apartment building at Creative Village,” said Ustler Development Inc. President Craig Ustler. “The financing arranged by SunTrust represents a significant commitment to the economic development of Downtown Orlando.”
Good timing
“We seek to develop projects that add value to the community and its residents,” said W. Allen Morris, chairman & CEO of The Allen Morris Co. “And with Orlando’s dynamic economic boom and the new UCF/Valencia Downtown Campus, the timing was perfect for an innovative approach to market-rate housing with great amenities that meets the needs of the current and future students, faculty and other residents of Downtown Orlando.”
Features and amenities at the development will include a clubhouse, a fitness center, indoor and outdoor socialization areas, a rooftop swimming pool, an amenity deck, an integrated parking garage, a 2.5-acre Central Park across the street and a dog wash.
UCF and Valencia student residents are likely to require collaborative space, so the development will also include 1,000 square feet of such space on each residential floor in addition to co-working and conference rooms.
“This cutting-edge development is located in the heart of Orlando, making it an ideal community for students and UCF employees. Orlando is a thriving city, and Creative Village represents an investment for continued growth for our diverse economy,” said Sandy Hostetter, Orlando Market president for SunTrust.
Digital media industry
Situated on the parcel once occupied by the Amway Arena in Downtown Orlando, Creative Village Parcel M Apartments is part of the overall Creative Village that will serve as a token of Orlando’s booming digital media industry.
Once complete, it will be a 68-acre mixed-use and transit-oriented community, home to the area’s diverse mix of leading high-tech and digital corporations and to UCF Downtown and Valencia Downtown Campus’ students, employees and residents.
Development will span several phases, with Phase I underway and representing a total investment value of more than $625 million.
The Creative Village Parcel M Apartments features a total estimated project value of $108 million, and will be completed in mid-2020.
Rendering courtesy of The Allen Morris Co.
