American Landmark Secures Refi For Newly-Built Florida Multifamily
The loan proceeds paid off a bridge loan that was set to mature in June 2023.
American Landmark has received a $50.7 million conventional Freddie Mac Multifamily loan to refinance Reunion at 400, a 288-unit community located in Kissimmee, FL. Built in 2020, Reunion at 400 is located off SR-429 in Kissimmee approximately five miles south of Walt Disney World and 20 miles southwest of Downtown Orlando.
The 10-year fixed-rate loan, provided by NewPoint Real Estate Capital, features six years of interest-only payments. Loan proceeds were used to pay off a bridge loan that was set to mature in June 2023. The loan was originated by NewPoint Senior Managing Director Marc Cesare.
“We utilized an Index Lock to provide American Landmark – a seasoned Freddie Mac select sponsor – with the ability to secure advantageous pricing during a particularly volatile 60-day period for Treasuries,” said Cesare. “With fixed debt service costs and one of the best operators in the business, this premier asset is now poised to generate strong returns while serving as an attractive option for the Orlando area’s working professionals and families.”
The community features one, two and three-bedroom apartments with screened balconies/solariums in select units. The amenity package includes a swimming pool, outdoor kitchen with grilling stations, 24-hour fitness center with a yoga studio and smart fitness mirrors, a pet park, clubhouse, package lockers, storage units, electric vehicle charging stations and detached garages.
American Landmark manages over $5 billion in multifamily properties and its portfolio consists of approximately 30,000 units.