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