Orlando SFR Property Lands $43M Bridge Loan

The funds retire a $35 million construction loan from 2021.

Solamar Apartment Homes
Solamar Apartment Homes came online last year. Image courtesy of JLL

TRUSOT Developments has secured a $43 million bridge loan for Solamar Apartment Homes, a 210-unit built-to-rent community in Kissimmee, Fla. JLL represented the borrower in the transaction. The funds retire a $35 million construction loan from Churchill Funding, also secured by JLL in 2021.

Completed in 2023, the property comprises two- and three-bedroom townhomes ranging from 973 to 1,317 square feet. The residences feature in-unit washers and dryers and ceiling fans, along with semi-private backyards for select layouts. Common-area amenities include a swimming pool, pickleball court, fitness center, playground, gaming room and cyber café.

Located at 1851 Encantado Way, the 14.4-acre property is near Highway 192 and roughly 22 miles from Orlando. Solamar is also some 2 miles from the Kissimmee Gateway Airport and 18 miles from Orlando International Airport. Within walking distance of the community there is the Plaza Del Sol shopping mall.

SFR fundamentals stay strong

JLL Senior Director Max La Cava and Senior Managing Director Melissa Quinn, along with Director Kenny Cutler and Associates Josh Odessky and Pier Barinci led the team that secured the financing. At the end of last year, La Cava and Cutler were also involved in arranging $55 million in financing for the construction of a 214-unit built-to-rent project in Port St. Lucie, Fla.

In March, rents for single-family-rentals rose by $9 to $2,144 nationally, marking a 1.2 percent year-over-year increase, according to a recent Yardi Matrix report. As of February, the average occupancy rate for this asset type was 95.3 percent, the same source shows. Despite widely known economic headwinds, SFR-BTR properties are maintaining strong fundamentals, with increasing rents and high occupancy.