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BTR’s Low-Density Layout Attracts Lenders to $35M Orlando Development
JLL has arranged $35 million in construction financing for the development of Solamar Kissimmee, a 210-unit, Class A build-to-rent townhome community in the suburb of Orlando, FL
A JLL team of Max La Cava, Brian Gaswirth and Drew Jennewein represented the borrower, Old Vineland Road LLC, to secure a three-year, non-recourse loan through a New York City-based debt fund.
“Lenders were attracted to Solamar Kissimmee given the property’s low-density layout, which is sought after by tenants, the market’s robust fundamentals characterized by population and employment growth and the major institutional appetite to acquire BTR assets offering a clear path towards an exit strategy,” said La Cava.
The property is located off US Highway 192 and positioned 10-minutes from NeoCity, a 500-acre master-planned technology district for smart sensors, photonics, nano technology research and big data/predictive analysis. It is 10 minutes to Walt Disney World Resort and 20 to the Orlando International Airport.
- ◦Development
- ◦Financing
