Orlando-Area Rental Property Scores $53M Refi
- Oct 15, 2019
SouthStar Properties has received a $53 million Fannie Mae Delegated Underwriting Service conventional multifamily loan to refinance Vista at Lost Lake, a 468-unit apartment community in the Orlando, Fla., metropolitan area. Hunt Real Estate Capital provided the loan.
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The community is located at 2550 Citrus Tower Blvd. in Clermont, a small city about 20 miles west of Orlando. Built in phases in 2007 and 2014, the property spans 20 buildings on a roughly 40-acre lot off U.S. Route 27. Units in the community range in size from one to three bedrooms.
SouthStar Properties bought the asset from Cortland in October 2016 for $44.2 million, according to Yardi Matrix. The new five-year loan is full-term interest only and the last two years allow for a prepayment fee of just 1 percent, a statement by Hunt Real Estate Capital indicates. The terms of the new financing call for SouthStar Properties to escrow about $1.3 million for exterior upgrades and painting.
The borrower has made several major capital improvements to the community over the past three years, including the addition of a new clubhouse, fitness center and leasing office, with plans for several more upgrades in the future.
SouthStar Properties recently acquired Avana Isles, a 214-unit community in Lake Worth, Fla., from Greystar for $47.8 million.