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.”
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