Cores Management Lands $38M Refi in Orlando

The financing retires a loan from 2020.

Azul Baldwin Park

Azul Baldwin Park. Image courtesy of Yardi Matrix

Cores Management has secured $37.5 million in refinancing for Azul Baldwin Park, a 178-unit luxury community in Orlando, Fla. The non-recourse, five-year fixed rate loan was provided by an insurance company and arranged by Avison Young.

The property was previously subject to a $36.6 million CMBS loan originated in 2020 by Greystone Servicing Corp., according to Yardi Matrix data. The new agreement allowed for more favorable interest cap rates, Avison Young Principal Jay Maddox said in prepared remarks.

Maddox, together with Principal & Head of U.S. Multifamily Peter Sherman and Principal George Vail, negotiated the terms on behalf of the owner. According to Avison Young, the asset consistently had an occupancy of around 95 percent since it was brought online.

An Orlando luxury community

Completed in 2014, the property comprises three buildings with one-, two- and three-bedroom floorplans, ranging from 657 to 1,418 square feet. Apartments feature walk-in closets, in-unit washers and dryers, roman tubs, and ceiling fans, along with private balconies or terraces for select layouts. Common-area amenities include a swimming pool, fitness center, conference room and event clubroom.

Located at 4460 Lower Park Road, the property is adjacent to Lake Baldwin and Blue Jacket Park. It is roughly 5 miles from downtown Orlando and 2 miles from Orlando Executive Airport. There are some retail and dining options in the community’s proximity, as well as along the nearby East Colonial Drive.

After two record-setting years, the Orlando multifamily market has started softening since the beginning of 2023, but continued to perform above national figures. In January, the metro registered 6.5 percent year-over-year rent growth, 110 basis points above the U.S. rate, a recent Yardi Matrix report shows.

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