ORLANDO— Schrimsher Properties just secured $29.5 million in permanent financing for Aqua at Millenia, a class A multifamily complex. Freddie Mac has contracted to purchase the 10-year, fixed-rate loan for the multifamily property.

Jones Lang LaSalle managing directors Denny St. Romain, Jubeen Vaghefi and Jeff Morris led the team on this transaction. The multifamily complex is located at 5451 Millenial Lakes Blvd. in one of the fastest growing submarkets in Florida.

“Life insurance companies were interested but proceeds was key and Freddie was able to get higher proceeds,” St. Romain tells GlobeSt.com, noting that the deal took 60 days from contract to closing. “Orlando multifamily is experiencing phenomenal absorption right now with new supply being very limited and job growth very robust in the Orlando metro.”