Downtown Orlando high-rise apartment owner snags $70.5M of refinancing

The company behind CitiTower, a 25-story, 233-unit apartment building, got a 3-year bridge loan with interest-only payments through Asia Capital Real Estate

TRD MIAMI /
Dec.December 23, 2018 12:00 PM

CitiTower in downtown Orlando

The owner of a one-year-old apartment building in downtown Orlando borrowed $70.5 million to refinance a construction loan.

The three-year bridge loan has interest-only payments, a loan-to-value ratio of 76 percent and a floating interest rate of Libor plus 350 basis points.

The 25-story, 233-unit apartment building, called CitiTower, was completed at 101 Lake Avenue in downtown Orlando in August 2017.

The residential occupancy rate is 97 percent. Some of the bridge loan money will fund a program to lease commercial space and retail space on the first two floors of the apartment building.

The lender is Asia Capital Real Estate, and the borrower is East SDG CitTower LLC, led by managing member Albert J. Socol.

Avison Young principal George Vail arranged the bridge loan.

“The loan amount represents $302,575 per unit which is higher than most apartment sales in Orlando,” Vail said in prepared remarks. – Mike Seemuth


Related Articles

arrow_forward_ios
Masoud Shojaee and a rendering of Shoma Village 

Shoma Group scores $67M loan for mixed-use Hialeah project

Shoma Group scores $67M loan for mixed-use Hialeah project
Housing Trust Group CEO and president Matt Rieger and Hudson Village renderings

HTG scores financing for Hollywood affordable housing project

HTG scores financing for Hollywood affordable housing project
 Rendering of Father Marquess-Barry Apartments with Matt Rieger

HTG scores financing for senior affordable housing in Overtown

HTG scores financing for senior affordable housing in Overtown
Fortune International Group’s Edgardo Defortuna, Château Group’s Manuel Grosskopf and a rendering of the project

Fortune and Château score $119M refi for Sunny Isles condo project

Fortune and Château score $119M refi for Sunny Isles condo project
Rendering of the project and from left: Vince Signorello, Ricardo Caporal and Greg West

Zom Living, partners score $57M loan for Ludlam Trail project

Zom Living, partners score $57M loan for Ludlam Trail project
6405 West Boynton Beach Boulevard rendering, Pebb Enterprises President and CEO Ian Weiner

Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan

Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
Shoma Group CEO Masoud Shojaee and a rendering of Ten30 South Beach

Shoma nabs $18M construction loan for condos near Lincoln Road

Shoma nabs $18M construction loan for condos near Lincoln Road
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...