CBRE Arranges Sale, Financing of Central FL Asset
- Jan 29, 2019
CBRE has brokered the sale and arranged the financing of The Glenn, a 396-unit community in Orlando, Fla. Shelton Granade, Luke Wickham and Justin Basquill worked on behalf of seller Insula Properties. According to Yardi Matrix data, the previous owner purchased the property in 2016 for $42 million.
Ben Roelke and Ian Walker of the company’s debt and structured finance team secured the long-term financing on behalf of the buyer, Horizon Realty Advisors. CBRE provided the seven-year, fixed-rate loan through Freddie Mac. The financing features a rate lock at application, with a 4.34 percent interest rate and full-term interest-only payments.
Located at 10801 Heather Ridge Circle, The Glenn is 13 miles east of downtown Orlando. The asset is within a short drive of several dining and retail establishments. Nearby employers include Lockheed Martin, Boeing, Siemens, Northrup Grumman Corp., and the University of Central Florida.
Completed in 1987, the one- and two-bedroom units spread across 19 three-story buildings and average 865 square feet. Common-area amenities include two swimming pools, a spa, a tennis court and several laundry facilities. “With more than $10 million in exterior upgrades in the last five years, The Glenn shows like a new asset and still has tremendous upside potential,” Vice Chairman Granade said, in a prepared statement.
Last year, Granade, Wickham and Basquill facilitated one of the largest multifamily transactions in Orlando, involving 876 units in the city’s Altamonte Springs submarket.
Image courtesy of CBRE
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