Concord Summit Closes Over $60M In Financing For Encore Capital Management’s Sunset Walk Apts Near Orlando
The transaction includes a $45.59 million senior loan and $14.75 million in preferred equity.
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.
Scott Ramey, Patrick Dufour and Brad Downing of Newmark represented the seller, a joint partnership between Picerne Real Estate Group and Equity Resources LLC, in the transaction.
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