Victoria Park Apartments Refinanced
- Jun 07, 2014
NorthMarq arranged a $36.3 million refinance for Victoria Park Apartments in Metro Orlando through its relationship with a CMBS lender.
The refinance was structured with a 10-year term and three-year interest-only period with a 30-year amortization schedule. Senior Vice President/Senior Director David Schofield and Senior Vice President/Managing Director Melissa Marcolini Quinn of NorthMarq Capital’s Orlando based regional office negotiated the transaction.
Quinn is pleased with Victoria Park’s efforts on maximizing revenue at the property which enabled NorthMarq to obtain maximum proceeds. “Due to the small amount of vacation rentals at the property, this transaction was not a fit for the agencies, but a great fit for the CMBS market,” she added.
Victoria Park Apartments is a 348-unit Class A multifamily property at 1000 Victoria Park Blvd, Davenport, conveniently located near Orlando’s resorts and attractions. Just minutes away from Walt Disney World, Universal Studios, Celebration and Reunion, the Pegasus Residential community offers one- to four-bedroom units with up to three bathrooms combined with a wide variety of amenities. The apartments are available from $984 to $1,499 per month, and floor plans range from 843 to 1582 square feet.
Photo credits: Victoria Park Apartments