New York Life’s $48M Loan Retires Construction Debt on Orlando Mixed-Use Asset – Commercial Observer
A joint venture between Coral Gables, Florida The Allen Morris Company (AMCO) and Mesirow Institutional Real Estate Direct Investments completed 2020 securing a $ 47.5 million loan New York life according to information from both parties, to refinance a mixed-use housing estate for which the duo recently completed construction.
The New York Life Loan is withdrawing previous home loans from Truist (formerly SunTrust) and TD Bank that AMCO and Mesirow expanded the $ 68 million Maitland city center, a mixed-use project that includes 244 homes, 10 executive office space, and nearly 34,000 square feet of retail and dining space 190 Independence Lane in Maitland, Florida, a suburb north of Orlando.
Life insurance companies have largely withdrawn during the pandemic and have become more conservative and strict in underwriting the use of capital. But senior director of New York Life Randall Hall In a statement, he said his company was “pleased to offer financing for this well-located and carefully designed property.”
Commercial real estate finance and advisory firm Walker & Dunlop according to AMCO supported with refinancing.
“We thank Truist and TD Bank for their trust in [us]This enabled us to develop this new city center for the city of Maitland, ”said AMCO Chairman and CEO W. Allen Morris said in a statement. “One of the interesting aspects of the new reality that we are all dealing with is that this entire process took place virtually without a single face-to-face meeting. This requires great trust on behalf of everyone involved to ensure success, and we are grateful to everyone involved for that. “
The property is set over six stories and sits on three acres that encompasses a full city block that is approximately nine miles north of downtown Orlando. AMCO stated that the Class A development is the first “urban living / working community” in Maitland.
Maitland city center. Courtesy Allen Morris Company
While the development has provided ample space for retail and dining spaces, it is in central Maitland near a variety of local restaurants, as well as medical offices, grocery stores, bank outposts, parking lots and small bodies of water. The development borders on Maitland Town Hall and is just a few blocks from that Maitland Public Libraryand it’s a short walk to town too SunRail Station at 801 North Orlando Avenue that leads to Orlando.
AMCO Chief Investment Officer and Executive Vice President WA Spencer Morris In a statement it is said that the development is an ode to the “competence of the company on several platforms, from land acquisition to conception to the final implementation of a convincing project”.
Maitland city center is a residential complex with a central courtyard and a large roof terrace. Residential amenities include a fitness center, game room, sundeck with cabanas furnished with furniture, zen garden, rooftop pool, and rooftop dog park, as seen on the property’s website and on apartments .com specified. It also includes allocated, covered parking spaces and an area for storing, servicing and maintaining bicycles.
The property has one and two bedroom units with laundry facilities that range from $ 1,500 for the former to $ 2,600 for the latter, according to listings on Apartments.com.