Kissimmee Apartment Developer Obtains $42.5M Refi

ZMR Capital obtained a $42.5 million bridge loan for a Kissimmee apartment complex. Nuveen Real Estate provided a three-year, floating-rate loan with two one-year extension options and full-term interest only at a 68% loan to value. The loan also offered a rate cap and flexible prepayment terms.

Skye at Hunter’s Creek, a 216-unit garden-style multifamily property located at 1300 Santa Rosa Drive, was built in 2015. It consists of nine three-story residential buildings with newly renovated one-, two- and three-bedroom apartments. Individual apartment units feature patios and balconies. Community amenities include a new resident clubhouse, resort‐style swimming pool, outdoor pavilion with grilling station, fireplace community sharing spaces and fitness center.

Berkadia’s Brad Williamson, Wesley Moczul, Mitch Sinberg, Matt Robbins and Scott Wadler secured the loans on behalf of ZMR.

Berkadia’s Williamson added, “This loan went from signed application to closed in 30 days and represents an accretive, cash-neutral refinance that allows the sponsor to pay off their acquisition bank loan and pursue their business plan.”