Paramount on Lake Eola, Orlando
ORLANDO—PCCP, LLC has provided Newton, MA-based Northland Investment Corp, with a $76-million refinancing loan for its Paramount on Lake Eola multifamily property here.
The financing will help fund continued improvements at the 313-unit, 16-story Downtown Orlando multifamily property that also features 45,510 square feet of retail space anchored by a Publix supermarket. PCCP, which has offices in New York, San Francisco, Atlanta, and Los Angeles, did not provide any further financial terms of the refinancing transaction.
"PCCP saw this as an attractive opportunity to lend to Northland Investment Corporation, an experienced multifamily owner and operator, on a Class A asset in a prime Downtown Orlando location," says Ryan Dodge, vice president with PCCP. "PCCP's loan will also enable Northland to continue its value enhancement strategy by making high-end upgrades to the interior units and renovations to common areas, lobbies, resident lounge area and fitness center."
Located at 415 E Pine St., Paramount on Lake Eola offers 14 floor plans, averaging 1,139 square feet and featuring floor-to-ceiling windows, lake/city views, washer and dryers and condo-quality finishes. The property offers secured parking, a resort-style pool area, grilling stations and a fitness center.
Northland Investment Corp. is an owner/operator with a current portfolio of 31 assets in Florida totaling more than 8,000 units. Northland acquired Paramount on Lake Eola for $65.2 million, according to a report in the Orlando Sentinel.
Late last month, the firm made a splash in the South Carolina market when it reportedly acquired the 312-unit Wharf 7 property on Daniel Island and The Standard, a 280-unit complex along Maybank Highway on James Island for approximately $139 million, according to a report in The Post and Courier.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
