LIFT Orlando, in a joint venture with developer Columbia Residential, has sourced more than $36 million in financing for a new mixed income apartment complex in Orlando. The funding includes a major equity investment from SunTrust Community Capital for the 200 unit complex, of which 140 are classified as affordable housing. The project, named Pendana at West Lakes, is located to the west of the downtown area near Camping World Stadium. Financing for the project is made up of a $22.8 million equity investment from SunTrust Community Capital, a $7.4 million permanent loan from Valley National Bank, a $2 million construction loan from Florida Sail Fund’s and additional funding provided by the Orange County Housing Finance Agency and the city of Orlando. Construction is slated for completion in the spring of 2018.
“Pendana at West Lakes demonstrates how much can be achieved when people rally around a common purpose,” said Adam Oates, president of SunTrust Community Capital. “Like LIFT Orlando, SunTrust is a purpose-driven organization, and we are focused on helping people achieve financial well-being. We believe this new development can help create pathways of opportunity for underserved communities in Orlando, and we are excited to be involved.”
