Miami-Based Brokerage Expands To Orlando
The firm has already hired more than 50 new agents to serve the local market.
The firm has already hired more than 50 new agents to serve the local market.
The transaction includes a $45.59 million senior loan and $14.75 million in preferred equity.
The sale price equates to more than $291,000 per unit.
Newmark’s Senior Managing Director Scott Ramey and Associate Brad Downing represented the seller while Managing Directors Chris Caison and Josh Davis secured $48.1 million in bank financing for the transaction.
Avison Young Senior Vice President Rosendo Caveiro exclusively represented the European-based seller during the sale.
The project is currently under construction and anticipated to open in 2023.
Other phases of the development will include a mixed-use tower with 550 Class-A apartment residences and a boutique hotel. Complementing the development will be retail and restaurant spaces, structured parking garage and a waterfront activity plaza with green space.
The Land Advisors Organization’s Orlando team of Mike Ripley and Steve Flanagan, acting as a transaction broker, arranged the sale of the 17-acre parcel.
The JLL Capital Markets investment sales team that represented the seller was led by Managing Director Jay Ballard and Managing Director Ken DelVillar.
The 330,000-square-foot community features one-, two- and three-bedroom apartments.
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