Hawthorne Groves Gets Creative $17M Financing

OCOEE, FL-Hawthorne Groves, a two-year-old, 316-unit apartment community in this suburb has obtained a creative $17-million float-to-fix financing in a changing market where lenders are beginning to provide large amounts of capital for debt and equity purposes.

“There is more capital available for debt and equity than we have ever seen,” Chris Larkin, vice president of Orlando-based RJ Twitty & Co. II, tells GlobeSt.com. “We are hearing from more lenders, with more aggressive programs, than we ever have before. Life companies, conduits, banks, pension funds and other private sources are very hungry to find new business early in 2004.”

Larkin declines to identify the lender on the Hawthorne Groves deal, other than “a Midwestern-based life insurance company seeking lending opportunities throughout Florida and the Southeast.” He says the lender noted Hawthorne Groves’ “excellent location” with frontage along the East-West Expressway at Good Homes Road in west Orange County.