A fund sponsored by CBRE Investment Management 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. 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.
The garden-style community is located at 5215 Millenia Boulevard in the South Orlando submarket. Unit features include 9’ ceilings, in-unit washers and dryers, walk-in closets, stainless steel appliances, and quartz countertops. Residents have access to an amenity collection that includes a resort-style pool, a fitness center, a business center, a clubroom with a media center, a billiards room, and a parking garage with gated access.
“Our team was pleased to finance the acquisition of this Class A asset on behalf of a repeat borrower in TerraCap Management,” said Charles Kim, Managing Director for CBRE Investment Management. “This property in Orlando has demonstrated positive leasing activity with existing renovated units generating substantial rent premiums over the last several months. We believe TerraCap will continue the leasing momentum as they renovate additional units at the property and execute on their business plan. This loan is a great addition to our portfolio and we look forward to financing future opportunities with both Newmark and TerraCap.”
The Place on Millenia is located near three major highways: I-4, SR-482 and the Florida Turnpike, providing excellent access to the Orlando CBD (a 20-minute drive), Orlando International Airport (a 25-minute drive) and many of the area’s major employers. The property also provides convenient access to multiple retail centers including the Mall at Millenia, Orlando International Premium Outlets and Parkway Plaza.
Matt Williams and Kyle Schlitt of Newmark arranged the loan on behalf of TerraCap.
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