Avison Young has secured a $70.5 million bridge loan for CitiTower, a 233-uit multifamily community in Orlando, Fla. Principal George Vail worked on behalf of East SDG CitiTower LLC to arrange the financing through Asia Capital Real Estate. The three-year loan has an interest-only amortization schedule.
Built in 2017, the 25-story building sits on approximately 0.7 acres at 101 Lake Ave., one block south of Lake Eola. CitiTower features a mix of studio, one-, two- and three-bedroom units ranging from 726 to 1,706 square feet. In-unit amenities include stainless steel appliances, ice dispenser, quartz countertops, wood-inspired plank flooring, custom-built closets and full-size, front-loading washers.
Common-area amenities include:
- rooftop swimming pool
- outdoor lounge
- 24-hour rooftop fitness center
- wrap-around balconies
- 265 parking spaces
- business center
“The purpose of the loan is to refinance the current construction loan on CitiTower and provide the additional capital to finish leasing up the ground-floor retail and the second-floor commercial space,” Vail, said in a prepared statement.
According to Yardi Matrix, CitiTower was 97 percent occupied as of November. In another deal, Avison represented Palm Heights LLC in the $43.3 million acquisition of Azul Baldwin Park in Orlando, Fla.
Image courtesy of Yardi Matrix