Florida-based DLC Residential has secured a $37.7 million loan to finance the construction of the Millennium at Citrus Ridge apartments in the Orlando submarket of Kissimmee. The property is located on the south side of U.S. Highway 192 in Kissimmee, FL, just two miles from the Walt Disney World Resort. The project will incude 326 rental apartment units in nine buildings ranging in height from two to four stories. Amenities will include a clubhouse, swimming pool, fitness center, conference facility and a social lounge. The funding was provided by Dallas-based HALL Structured Finance, which has closed six other loans in Florida including construction loans for hotel projects in Miami, Orlando, Jacksonville and a condominium tower in Ft. Lauderdale.
“The Millennium at Citrus Ridge opportunity was a great fit for our company given the strength of sponsorship, attractive location just two miles from Walt Disney World and the proven performance of high quality, suburban apartments in the Orlando market,” said Mike Jaynes, president of HALL Structured Finance. “We believe this project will be very successful and look forward to seeing construction begin.”
