Unicorp National Developments has closed on a $36.1 million permanent loan for their latest apartment development in the Orlando sub-market of Windermere. The nonrecourse, 10-year term loan is interest only for the first seven years with a 30-year amortization. Zac Brumbaugh, vice president with CBRE’s debt and structured finance group in Orlando, arranged the loan. The 258 unit Zen Luxury Living community was completed this year, after KeyBank provided a $30.2 million construction loan for the project in 2015, according to the same residential report. The property received its final certificate of occupancy in early February and is already more than 75 percent leased, experiencing leasing of two units per day on average.
Zac Brumbaugh of CBRE said “We arranged a very competitive loan, it was highly contested among many of our exclusive life company correspondent lenders, and Unicorp ultimately selected the terms that were best-suited for their goals and desired structure. We specifically worked with our life companies that compete well on pre-stabilized multifamily, with the ability to lock rate and close very early in lease-up when banks and other lenders cannot.”
