Avison Young Arranges $71M Bridge Loan for Orlando Community
East SDG CitiTower is using the funding to refinance the current construction loan on the property, which is located one block from Lake Eola, and finish leasing up the retail portion.
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