The Allen Morris Company (AMCO) announced the $47.5 million refinancing of Maitland City Centre in Maitland.
Maitland City Centre is a mixed-use community located just north of Orlando, consisting of 244 residential apartments and 33,500 square feet of retail space.
The new loan was provided by New York Life Insurance Company and replaced the existing construction loan provided by Truist and TD Bank. The refinancing allows ownership to continue executing its business plan on this Class A asset. Walker & Dunlop assisted the partnership with the refinancing process.
“We are thankful to Truist and TD Bank for their confidence in The Allen Morris Company, which allowed us to develop this new city center for the City of Maitland, and are equally pleased to begin a new relationship with New York Life Insurance Company,” said W. Allen Morris, Chairman & CEO of The Allen Morris Company. “One of the interesting aspects of the new reality in which we are all engaged is that this entire process happened virtually, without a single in-person meeting. That takes great confidence on behalf of all parties to ensure success, and for that we are grateful to everyone involved.”
The six-story Maitland City Centre is the first urban live/work community in the Orlando suburb of Maitland, and is located at the crossroads of Maitland’s City Hall and the new pedestrian-friendly Independence Lane, providing everyday conveniences that establish the project as not only a lifestyle, but also a “live-work-play” and walkable destination. As a Transportation Oriented Development (TOD), it also incorporates the City Bike Trail on Independence Lane, and the SunRail Station is a block away.
Spanning a three-acre city block that includes prime retail and restaurant space, Maitland City Centre is surrounded by vibrant sidewalks and an enviable mix of trendy dining and retail concepts which provide a true sense of community.
“We are extremely pleased to forge a relationship of this magnitude with New York Life Insurance Company,” added W.A. Spencer Morris, CIO & Executive Vice President for The Allen Morris Company. “Maitland City Centre is an ideal example of our organization’s skill across multiple platforms, from land acquisition to conception to ultimate delivery of a compelling project.”
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