$60M Financing Secured for Orlando Apartments
- Jan 31, 2019
A joint venture between Sumitomo Corp. f Americas, FINFROCK and OneEleven Residential has received $60 million in financing to develop Lake House, a 252-unit waterfront apartment community in Orlando, Fla.’s Ivanhoe Village.
HFF’s debt placement team of Senior Director Brett Moss, Senior Managing Director Michael Weinberg and Analysts Tyler Swidler and Alec Fox facilitated a floating-rate construction loan.
“The marketing process was extremely competitive given the infill, waterfront location in the heart of the highly desirable Ivanhoe Village neighborhood,” Moss said in prepared remarks. “Furthermore, investors and lenders alike have taken note of the continued strong multi-housing fundamentals being fueled by Orlando’s nation-leading job growth and population growth figures.”
When completed, the nine-story Lake House will offer 252 luxury apartment and townhome units consisting of studios, one-, two- and three-bedroom floor plans. The asset will also include 36,000 square feet of ground-level commercial space and structured parking.
The community will be located at 301 N.E. Ivanhoe Blvd., near Lake Ivanhoe’s shores, providing breathtaking waterfront and city views. Lake House will also offer close proximity to numerous employment centers, including downtown Orlando, Florida Hospital’s Health Village Campus and the Orlando Regional Medical Center.
“The architectural design of the community was greatly enhanced by thoughtful input provided by various neighborhood associations,” John Zeledon, OneEleven Residential’s founder & chairman, said. “I’ve been an active multifamily developer for about 25 years and working with members of the neighborhood associations was one of the most rewarding and beneficial experiences of my career.”
Orlando Multifamily Booming
Over the past year and a half, HFF has facilitated financing for several multi-housing deals in the Downtown Orlando area, including Radius Apartments, Paramount on Lake Eola and the mixed-use, student housing community at UCF’s urban campus at Creative Village.
The firm also helped Starlight Investments receive an $800.45 million loan to finance a 23-property multifamily portfolio totaling 7,289 units across eight states, including properties in Orlando.
Rendering courtesy of FINFROCK