Florida & Gulf Coast CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
CBRE Closes $75M Mortgage Loan for South Orlando Multifamily
A fund sponsored by CBRE Investment Management has closed on a $74.6 million mortgage loan to facilitate TerraCap Management’s acquisition of The Place on Millenia, a 371-unit Class A multifamily community in Orlando, FL. The floating rate loan has an initial term of four years, can extend up to one additional year and features future funding for the sponsor’s business plan.
Newmark arranged the loan on behalf of TerraCap.
“This property in Orlando has demonstrated positive leasing activity with existing renovated units generating substantial rent premiums over the last several months,” said Charles Kim, Managing Director for CBRE Investment Management. “We believe TerraCap will continue the leasing momentum as they renovate additional units at the property and execute on their business plan.”
The garden-style community is located in the south Orlando submarket near three major highways and less than 30 minutes from the Orlando central business district, the Orlando International Airport and major employers.
