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JV Attains $86M Construction Loan for Orlando Rental Community
Royal Palm Companies and the Mattoni Group have secured an $86 million construction financing loan and will launch Tuscany Village, a 420-unit multifamily complex.
Located at the southwest corner of State Road 46 and Upsala Road in the Sanford area of Orlando, Tuscany Village offers seven four-story buildings on 21 acres. The project will commence shortly and be completed by 2026.
The acquisition of the development site at 4201 West First Street was completed in June for $12.7 million. Tuscany Village’s financing comes from a partnership with City National Bank and Abanca USA, which contributed $68 million in loans, and Origin Investments, which provided $18 million in preferred equity. These financial arrangements feature floating interest rates without a rate cap.
Royal Palm Companies, founded in 1978, boasts a portfolio of $4.7 billion in developed, repositioned, and under-construction projects. The company has completed over 9,500 residential units.
- ◦Development
- ◦Financing
