A partnership between FUTURA and Linkvest Capital has taken out a $52.5 million loan for the development of Futura at Nona Cove, a 260-unit upscale community in Orlando, Fla. Berkadia originated the mortgage through the U.S. Department of Housing and Urban Development (HUD). The note is set to mature in 2062, according to Orange County Records.
Linkvest Capital is the majority equity partner on the project and, in 2017, provided a $3.5 million loan for the acquisition of the 17-acre development site at 19463 Boggy Creek Road. Construction has already begun and is projected to be completed in the third quarter of 2022. Mark Portrait Construction serves as the general contractor for the five-story building, public records show.
The community’s unit mix will have studio apartments and one- to three-bedroom floorplans with sizes between 623 and 1,315 square feet. The amenity package will include a two-story clubhouse, resident lounge, resort-style swimming pool, modern gym and park along with coworking areas.
The residential property is the first phase of the developer’s mixed-use project, which will also include a four-story self storage building. Extra Space Storage will oversee property management for the 122,000-square-foot facility.
In October, Berkadia facilitated a $74 million loan for Harbor Group International’s Linden Audubon Park, a 449-unit community in Orlando, Fla. The 10-year Freddie Mac note carries a variable interest rate.