Port Orange Multifamily Lands $65M Refinance Deal
Northmarq SVP Ryan Whitaker with the firm’s Jacksonville office arranged the financing transaction for the borrower through its relationship with FHA/HUD. The permanent 223 (f) loan has a 35-year term and a 35-year amortization schedule.
PORT ORANGE, FL—The ownership of the 510-unit Legacy at Crystal Lake apartment development here has secured a $65-million refinancing deal.
Northmarq SVP Ryan Whitaker with the firm’s Jacksonville office arranged the financing transaction for the borrower through its relationship with FHA/HUD. The permanent 223 (f) loan has a 35-year term and a 35-year amortization schedule.
“There were a lot of moving pieces related to this financing and without our excellent in-house HUD lending team at NorthMarq, this execution would not have been possible,” Whitaker says.
Amenities at the property located at 1200 Floral Springs Blvd. include: a sundeck, pet friendly policy, cabana, grill, picnic area, waterfront, fitness center, pool, playground, basketball/volleyball court, business center, clubhouse, storage space, conference room, package service, property manager on site and corporate suites
Apartment amenities include: washer/dryer, air conditioning, heating, cable ready, carpet, tile floors, vinyl flooring, dining room, walk-in closets and window coverings.