Trez Capital Provides $42.2 Million Construction Loan For Ritz-Carlton Residences In Orlando
Trez Capital funded a $42,216,473 construction loan for Unicorp National Developments, Inc.’s The Ritz-Carlton Residences, Orlando, Grande Lakes luxury project.
The transaction closed March 18.
The Chuck Whittall-led Unicorp, one of Central Florida’s largest developers, is addressing market demand for high-end, branded residences with resort-style amenities. The Ritz-Carlton Residences offers 37 spacious three and four-bedroom residences with pools in a gated community. The project is part of the Grande Lakes master-planned community, which includes the luxury Ritz-Carlton Orlando Grande Lakes resort.
Amenities include a private, owners-only clubhouse, a full-service spa, 18-hole Greg Norman signature golf course, 11 restaurants and bars, children’s activities, water sports, hiking, nature trails and more. Located at 4012 Central Florida Parkway, the project offers easy access to downtown Orlando, Winter Park, Orlando International Airport and the area’s many theme parks and attractions.
Trez Capital Managing Director Ben Jacobson originated the loan on behalf of Unicorp. Jacobson is based in Trez Capital’s Florida office, led by Executive Managing Director, Eastern U.S. Brett Forman.
This is the second significant transaction between Trez Capital and Unicorp since last summer. Jacobson originated a $75.2 million loan for the developer’s 354-unit SOTA 75 rental project in Sarasota in June 2021.
“It is exciting to work with a repeat borrower that has an unparalleled track record for delivering luxury housing in Central Florida and beyond,” Jacobson said. “Orlando’s high-end residential market is underserved. With a world-class brand like The Ritz-Carlton, premier developer and general contractor in Unicorp and Jones Clayton Construction, respectively, and an array of amenities, this project should experience brisk sales activity.”
Orlando is one of the nation’s fastest-growing housing markets, benefitting from domestic migration and nearly 70 million annual visitors. It was one of at least five major U.S. metro areas that saw an annual listing price increase of 18% or more over the past year, according to USA Today. Orlando’s listing prices rose by 20%.
“We are actively targeting opportunities in Orlando and the broader Central Florida region,” Forman said. “Orlando is no longer just about theme parks. It has evolved into a diverse and sustainable real estate market and economy.”
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