HFF Arranges $60M Construction Loan for Trophy Highrise Apartment Development in Orlando

Construction News - FINFROCK discusses the boom in commercial building projects, more than 1 million additional square feet of construction was announced.Construction News - FINFROCK discusses the boom in commercial building projects, more than 1 million additional square feet of construction was announced.
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“The architectural design of the community was greatly enhanced by thoughtful input provided by various neighborhood associations,”

Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $60 million construction loan for Lake House, a luxury, waterfront, high-rise apartment community to be developed in the heart of Orlando’s Ivanhoe Village.

 

HFF worked exclusively on behalf of the developer, a partnership between Sumitomo Corporation of Americas, FINFROCK and OneEleven Residential, to arrange the floating-rate construction loan.

 

Slated for completion in 2020, Lake House will feature 252 luxury apartment and townhome units in a variety of studio, one-, two- and three-bedroom floor plans averaging 972 square feet along with more than 36,000 square feet of ground-level commercial space and structured parking.  The nine-story project will be located at 301 NE Ivanhoe Boulevard along the shores of Lake Ivanhoe, which will offer residents unmatched waterfront and city views and will allow for immediate accessibility to some of the region’s largest employment centers, including Downtown Orlando, Florida Hospital’s Health Village Campus and the Orlando Regional Medical Center.

 

The HFF debt placement team representing the borrower included senior director Brett Moss, senior managing director Michael Weinberg and analysts Tyler Swidler and Alec Fox.

 

“The marketing process was extremely competitive given the infill, waterfront location in the heart of the highly desirable Ivanhoe Village neighborhood,” Moss said.  “Furthermore, investors and lenders alike have taken note of the continued strong multi-housing fundamentals being fueled by Orlando’s nation-leading job growth and population growth figures.”

 

“The architectural design of the community was greatly enhanced by thoughtful input provided by various neighborhood associations,” noted OneEleven Residential’s John Zeledon.  “I’ve been an active multifamily developer for about 25 years and working with members of the neighborhood associations was one of the most rewarding and beneficial experiences of my career.”

 

HFF has arranged financing for several multi-housing deals in Downtown Orlando during the past 18 months, including Radius Apartments, Paramount on Lake Eola and the mixed-use, student housing community at UCF’s urban campus at Creative Village.

About Sumitomo Corporation of Americas:

Headquartered in New York City, Sumitomo Corporation of Americas (SCOA) has eight offices in major U.S. cities.  SCOA is the largest subsidiary of Sumitomo Corporation, established in the 17th century, and is one of the world's leading traders of goods and services.  As an integrated business enterprise, the firm has emerged as an international investor and financier, and a powerful force for the distribution of products and global communications through a network of offices worldwide.

Sumitomo Corporation of Americas has over 35 years of real estate investment and development experience in the U.S.  With investments in commercial office buildings, multi-family apartment communities, master-planned communities and single-family homes, the company maintains a diverse and balanced real estate portfolio.  Throughout the years, SCOA has been an active investor in the development of multifamily apartment communities and has developed approximately 8,000 apartment homes in several U.S. markets. For more information please visit sumitomocorpofamericas.com

About FINFROCK:

FINFROCK is a vertically integrated, single-source Design-Builder, which allows owners to buy a building as a product rather than a series of services. The company’s single-source Design-Build model greatly reduces a client’s overall risk, lowers project costs and accelerates schedules. FINFROCK’s architects, engineers, manufacturing and construction professionals work together under one roof. This allows ongoing collaboration before, during and after each project. Due to the company’s total control of the design and build processes, it can provide an early, guaranteed price and delivery date for clients – often with little to no cost. As a result of its extensive control of the design-build process, change orders are virtually eliminated; further minimizing financial risk for owners. FINFROCK’s in-house architects, engineers, construction and manufacturing professionals have successfully delivered numerous multi-story building projects, including student housing, hotels, multifamily housing, office buildings and parking structures.

About OneEleven Residential LLC:

OneEleven Residential (OneEleven), was formed to leverage the unique market opportunities, created by using modular and offsite construction. John Zeledon heads OneEleven and will oversee all development activities during the construction of the Lake House community and future OneEleven multifamily developments. Before forming OneEleven, Mr. Zeledon held the position of Managing Director with two of the most dominant and well-respected development companies in the multifamily sector – Alliance Residential and Trammell Crow Residential. During his 25-year career, Mr. Zeledon has developed a wide range of product types, including affordable, garden, townhouse, high-density, affordable senior, detached-for-lease and mixed-use. Most notably, his work in developing multifamily residential utilizing modular and offsite construction gained him the November/December 2017 cover story of Multifamily Executive magazine and the 2018 Top Apartment Project by the Orlando Business Journal.

About HFF:

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF