By Alex Ciorogar
CBRE has secured a $54 million permanent loan for Venetian Isle Apartments, a 346-unit multifamily community in Windermere, Fla., on behalf of Unicorp National Developments Inc. Led by Zac, Jim and Aaron Brumbaugh, CBRE’s debt and equity team arranged the 10-year loan with one of its correspondent life company lenders, at a fixed 3.9 percent interest rate, five years of interest-only payments and a 30-year amortization period.
The community features one-, two- and three-bedroom apartment units, as well as 44 townhome-style apartments with two-car garages.
Common area amenities include:
- resort-style swimming pool
- screened and unscreened outdoor TV lounges
- fitness center
- business center
- game room
- dog park
- covered parking
- washers/dryers in all units
- microwave ovens in all units
- free wi-fi
“Chuck Whittall, owner and president of Unicorp, asked for the most competitive debt terms available in the financing market today. We provided nothing short of that through my team’s comprehensive marketing process with our exclusive access to correspondent life insurance companies that other lending sources can have difficulty competing with,” said Zac Brumbaugh, vice president of CBRE’s Capital Markets’ Debt & Structured Finance practice, in prepared remarks. “The leveraged returns on this property were completely maximized with the financing we structured.”
Westside Shoppes, a retail center developed by Unicorp, is close by.
In 2017, CBRE Group Inc. also facilitated the sale of Stonecastle Apartments, a 220-unit, gated multifamily community in Winter Park, Fla.
Image courtesy of CBRE