The Allen Morris Company, Xenel International U.S.A. and Principal Real Estate Investors have closed on a $57.2 million construction loan for The Maxwell at Xentury City, a 311-unit multifamily development located in Osceola County.
The loan is being provided by Regions Bank.
The Maxwell at Xentury City broke ground in September and has a completion date set for the second quarter of 2024. The General Contractor for the project is Deangelis Diamond.
It will be the first residential phase of a larger 200-acre mixed-use development in Xentury City that will offer live, work, play offerings like first-class dining, entertainment, and now, a residential offering.
The 293,000-square-foot community will contain five garden-style buildings with a total of 311 residential units and features world-class amenities throughout. The project site is adjacent to the Gaylord Palms Resort and Convention Center.
“We are very pleased to expand our relationship with Regions Bank for the construction loan of The Maxwell – Regions was steadfast throughout the process and provided a strong execution for the partnership,” said Spencer Morris, President of the Allen Morris Company.
“We are proud to be the Allen Morris Company’s lending partner to start construction on a project that will transform the area into a thriving multifamily destination,” adds Mercedes Montalvo, Senior Vice President, of Regions Bank.
“From our early conversations with Allen Morris, Principal Real Estate Investors gained a lot of confidence in being culturally aligned along with Allen Morris’ ability to execute on The Maxwell development plan. We have been watching this area of Orlando evolve and are excited to partner with the team they’ve put together as well as the opportunity to extend our relationship with Regions. Principal believes in the strong fundamentals within this market and looks forward to delivering a first-class multi-family community,” adds Rob Klinkner, Managing Director for Principal Real Estate Investors.
Dwell Design Studio, an award-winning architecture, planning and interior design firm, and Shim Studios as interior designer will spearhead the project.
The Maxwell at Xentury City is close to all the theme parks including Disney World and Universal Studios and has developed a major transportation network to access the site. The site is also 30 minutes from Downtown Orlando and 20 minutes from Orlando International Airport.
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