ORLANDO—Orlando's multifamily market continues attracting investors—and financing. Florida Value Partners just inked an $8.42 million Fannie Mae acquisition loan against The Park at Vittoria here.
Commercial real estate lender Hunt Mortgage Group arranged the loan. The term is seven years with two years of interest only. Amortization is based on a 30-year schedule with an 80% loan-to-value.
“The Park at Vittoria is currently 65% through a planned $1.5 million renovation,” Marc Suarez, senior vice president and head of Hunt's Miami office, tells GlobeSt.com. “The new owner plans to complete the renovations upon acquisition. Improvements will focus primarily on repairs and upgrades to the exteriors, interiors, amenity spaces, updating furniture, and equipment.”
The Park at Vittoria is a 208-unit garden style multifamily community located at 5224 Long Road in Orlando. Developed in 1991, the multifamily property has 33, three-story buildings that sit on a 16.37-acre parcel of land.
The multifamily unit mix at includes 72 two-bedroom, one-and-a-half bathroom units, 120 three-bedroom, two-bathroom apartments, and 16 four-bedroom, two-and-a-half bathroom units. Blue Rock Partners, which manages close to 5,000 multifamily units across 16 Florida communities with emphasis on the Orlando and Tampa markets, will manage the asset for Florida Value.
“The property is currently 92% occupied, however, management is no longer leasing un-renovated units to new tenants until renovations on the individual units are completed,” Chad Musgrove, assistant vice president in Hunt's Miami office, tells GlobeSt.com. “The borrower is an experienced group of multifamily investors with a proven track record for adding value and successfully managing apartment properties.”
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