CBRE Arranges $36.1M Financing for Unicorp
- Mar 02, 2017
Orlando, Fla.—Unicorp National Developments Inc. closed a $36.1 million permanent loan on their latest apartment development, the 258-unit Zen Luxury Living in Windermere, Fla. The nonrecourse, low interest rate, 10-year term loan includes the first seven years interest only with a 30-year amortization thereafter. Zac Brumbaugh, vice president with CBRE’s debt and structured finance group in Orlando, arranged the loan with one of CBRE’s correspondent life company lenders.
“We arranged a very competitive loan—it was highly contested among many of our exclusive life company correspondent lenders—and Unicorp ultimately selected the terms that were best-suited for their goals and desired structure. We specifically worked with our life companies that compete well on pre-stabilized multifamily, with the ability to lock rate and close very early in lease-up when banks and other lenders cannot,” Brumbaugh said in prepared remarks.
According to Yardi Matrix, Zen Luxury Living includes one-, two- and three-bedroom units with above standard ceiling height. The property features common amenities such as an ambient zen garden, outdoor lagoon lounge, sauna, steam room and on-site spa with massage rooms. Zen has already been more than 75 percent leased at a rate of two units per day and for an average rent of $1,744, as stated by Yardi Matrix. The community was completed this year, after KeyBank provided a $30.2 million construction loan for the project in 2015, according to the same residential report.
Image courtesy of Unicorp