The Altman Cos. Lands $41M Loan for Orlando Community
The sustainable project represents the second stage of the Altis Grand Lake Willis development in South Orlando.
Comerica Bank has provided a $41.2 million construction loan to The Altman Cos. and institutional investors advised by J.P. Morgan Global Alternatives for the development of Altis Grand Lake Willis Phase II, a luxury community comprising 230 units in Orlando, Fla.
Set to rise at 6260 Juniper Pine Way in South Orlando, the upcoming building will occupy a 9-acre site adjacent to Altis Grand Lake Willis Phase I, which began construction in the fall of 2021.
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The garden-style community will consist of six buildings featuring one-, two- and three-bedroom units. The property is also set to include 420 parking spaces and 30 detached garage spaces.
A stand-alone 5,225-square-foot clubhouse, a 24-hour fitness center, a heated pool, a fire pit, as well as lounge chairs, grilling stations and recreational seating areas are among the planned amenities at the property, along with 24/7 package delivery through Fetch and a dry-cleaning pickup station.
Altis Grand Lake Willis Phase II is National Green Building Standard certified and will be equipped with sustainable features, including energy-efficient lighting, ENERGY STAR refrigerators and dishwashers, water heaters, sub-metered water and charging stations for electric vehicles.
Developing residential communities in Orlando
The property will provide access to Interstate 4 and a newly constructed, 450,000-square-foot retail and entertainment center dubbed Vineland Pointe, while Orlando Vineland Premium Outlets is situated less than 2 miles of the site. Residents will also have access to the major employment centers in the area, as downtown Orlando and the Orlando International Airport are roughly 17 miles away.
According to Yardi Matrix information, Altman has three other prospective project in Orlando, totaling 998 units. Recently, residential developers were busy with commencing construction on various new projects in the metro. Earlier this year, a partnership between Wolfson Development Co. and Paragon Group broke ground on Encanto Isla, a 214-unit built-to-rent project in Buena Ventura Lakes, Fla. At the end of last year, LandSouth Construction began construction on a 364-unit multifamily asset in Orlando, set to encompass 12 four-story buildings.