Construction loan of $37.7M closes for rental project

Rendering of Millennium at Citrus Ridge apartments in Kisssimmee
Rendering of Millennium at Citrus Ridge apartments in Kisssimmee

Hall  Structured Finance closed a $37.7 million loan to finance construction of an apartment complex in the Orlando suburb of Kissimmee.

Hall arranged the loan for DLC Residential, the developer of the 326-unit Millennium at Citrus Ridge apartment complex on U.S. Highway 192 in Kissimmee, two miles from Walt Disney World.

The average size of the apartments will be 1,000 square feet. They will be spread across nine buildings from two stories to four stories tall.

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Common-area amenities will include a clubhouse, resort-inspired swimming pool, fitness facility, conference space and  lounge.

Hall Structured Finance has now closed six construction loans in Florida, including one for the Gale Residences in Fort Lauderdale, which closed in August 2016.

DLC Residential has developed 10 apartment communities throughout Florida, Illinois, Mississippi and Texas.

Millennium at Citrus Ridge “was a great fit for our company given the strength of sponsorship, attractive location just two miles from Walt Disney World and the proven performance of high-quality, suburban apartments in the Orlando market,” Mike Jaynes, president of Hall Structured Finance said in a prepared statement.