Supplemental Financing Takes Flight In Lake Buena Vista
- Jun 19, 2015
HFF has secured supplemental financing for a 379-unit apartment community located in Orlando’s Lake Buena Vista submarket. Although the loan amount has yet to be disclosed, some details of the transaction have been made public.
The fixed-rate loan spans seven years and was secured through Freddie Mac’s CME Program. HFF will service the loan through its Freddie Mac Program Plus Seller/Servicer program.
Director Cortney Cole and real estate analyst Jordan Finch led the HFF debt placement team that represented the borrower, Venterra Realty.
According to Yardi Matrix data, the property, Falcon Square, is subject to another $32.5 million loan held by Freddie Mac. Due in August 2022, the loan was issued in conjunction with Venterra’s purchase of the property in July 2012. Venterra paid $43 million for Falcon Square, purchasing the Class A community from DeBartolo Development, which purchased the asset for $28 million and owned it for nearly three years.
Located in Winter Garden, Falcon Square comprises a mix of one-, two- and three-bedroom apartments with an average unit size of 1,122 square feet and an average monthly rent of $1,161.
Image credits: Yardi Matrix