Search
 

East Orlando Gets Some Multifamily Investor Love

ORLANDO—"Market fundamentals in Orlando remain strong for multifamily acquisitions.”

By Jennifer LeClaire | jenniferleclaire | | Updated on June 14, 2016
Cadence Crossings has secured a 15-year fixed rate Fannie Mae Delegated Underwriting and Servicing loan to finance the 184-unit apartment buy. Cadence Crossings has secured a 15-year fixed rate Fannie Mae Delegated Underwriting and Servicing loan to finance the 184-unit apartment buy.
ORLANDO— Greystone just provided a $14 million loan to finance a big multifamily acquisition in Orlando. Cadence Crossings has secured a 15-year fixed rate Fannie Mae Delegated Underwriting and Servicing loan to finance the 184-unit apartment buy. “Market fundamentals in Orlando remain strong for multifamily acquisitions,” Joe Mosley, executive managing director and head of agency lending at Greystone, tells GlobeSt.com. Andrew Ellis of Greystone’s Rockville, MD office originated the multifamily loan on behalf of Mahesh Desai and Hiren Patel , key principals of Atlantic Multifamily 12 . The Cadence Crossing loan includes a 30-year amortization and is interest-only for the first five years of the term. The multifamily community has 19 two-story apartment buildings with one-, two- and three-bedroom units and multiple amenities. The East Orlando asset is located in close to Disney World, Universal Studios, Downtown Orlando, and Orlando International Airport. Orlando is seeing its fair share of commercial real estate action. RADCO Companies just made its first multifamily purchase in the Orlando MSA . RADCO CEO Norman Radow tells GlobeSt.com his firm will keep looking for value-added investments in the area. “We will continue to target market opportunities based on our four primary strategies that I mentioned above,” Radow says. “We specialize in turning around ‘diamonds in the rough,’ which means there must be a mark-to-market opportunity, a value-add component, and these properties must be located in areas where fundamentals are improving and changing. Basically, this all boils down to identifying undervalued B and C class assets in class A locations throughout the Orlando area that we believe we can turn into community improving success stories.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.