Northland Scores $76M Refi for Orlando Community
- Oct 09, 2019
Northland Investment Corp. has received a $76 million loan to refinance Paramount on Lake Eola, a 16-story, 313-unit luxury community in downtown Orlando, Fla. PCCP LLC provided the loan for the property located at 415 E. Pine St.
The financing will enable Northland to forge ahead with a value enhancement program by making high-end upgrades to the residential units and renovating the common areas, lobbies, fitness center and resident lounge area, according to a statement by investment manager PCCP.
The Art Deco-inspired community was built by ZOM in 2008 and is currently nearly 90 percent occupied. Northland purchased the asset from Obligo Real Estate in May 2017 for $57.8 million, after the latter picked it up from ZOM in 2010, Yardi Matrix records show.
Units come in 14 different floorplans averaging 1,139 square feet, with floor-to-ceiling windows, washers and dryers and condo-quality finishes. Amenities include a fifth-floor rooftop pool, 24-hour security and a multi-level parking structure. The building also incorporates 45,510 square feet of ground-floor retail anchored by a Publix supermarket. The property is located across the street from Lake Eola, nearby Interstate 4 and State Route 408.
Northland also owns The Rialto, a 200-unit property in southwest Orlando at 7343 West Sand Lake Road. The real estate private equity firm has $5.5 billion of assets under management with a total portfolio of more than 35,000 residential units across the country in addition to commercial space.