Flournoy Lands $55M Refi for Central Florida Luxury Community
The refinancing is the latest in a string of Southeastern projects for the developer.
Georgia-based developer Flournoy Partners has received a $55 million creative and structured bridge loan to refinance Apex Posner Park Apartments, a 314-unit luxury apartment community located in Davenport, Fla.
Jeremy Pino, Livingston Hessam, Carl Passmore and Kyle Miller of Walker & Dunlop Capital Markets secured the financing packaging for Flournoy, which was sourced from an unnamed institutional investor. According to Yardi Matrix data, Apex previously had a construction-to-permanent loan from 2021 totaling $41.7 million from Valley National Bank. The property originally came online in 2023 and is 98.4 percent occupied, the same source shows.
With the area already seeing high levels of leasing activity, the state of this refinancing loan provides Flournoy with the liquidity and flexibility to bring Apex into its next wave of prosperity, Passmore, director of debt and structured finance at Walker & Dunlop, said about the transaction.
Apex offers one-to three-bedroom layouts fit with washers and dryers as well as stainless steel appliances, walk-in closets, granite countertops and hardwood floors. Some residences come with balconies and screened patios, as well as attached or detached garages, in addition to jet bathtubs.
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The community features an outdoor firepit, hammock garden, saltwater pool, playground, car care bay as well as a fitness center with classes. There is an on-site dog park and grooming station for residents with pets.
Located at 5014 Apex Circle, Davenport, Fla., Apex Posner Park Apartments is in between the larger Orlando and Tampa metros. Tampa is approximately 57 miles west of the property and Orlando is approximately 30 miles northeast. The community has access to Interstate 4 and U.S. 27. Universal Studios and Orlando International Airport are about 24 and 31 miles away, respectively.
The North Central Florida region is one of the nation’s top emerging housing markets, driven by strong in-migration and job growth.
Flournoy developments in the works
Flournoy has developed and managed over 49,000 residential units across the country. This summer, the development arm of Flournoy announced its plans to expand in Nashville with the development of Declan Hermitage, a 315-unit apartment community. Flournoy selected McShane Construction Co. as the project builder and will deliver the community in June 2027.
At the end of September, the company announced it will begin work on Ellison Lake Julian, a new 279-unit luxury community in South Asheville, N.C. The property is being built on just under nine acres and will feature one-, two- and three-bedroom units. Residents expected to move in by late 2026.
Earlier this year, Flournoy began work on District South, a new mixed-use project in Greenville, S.C. The project will incorporate carriage and townhomes with retail space. The company is partnering with McShane Construction, Gray Engineering and Dynamik Design on the project.
