CHICAGO, IL - JLL Capital Markets announced today it has arranged a $59 million bridge financing for the 326-unit Dolce Living Royal Palm multi-housing property located in Kissimmee, Florida, a submarket near Orlando.
JLL worked on behalf of the borrower, Sovereign Properties, to secure a three-year, non-recourse bridge loan through Värde Partners. The lease-up bridge financing was funded well before final TCO and will retire the existing constriction loan and preferred equity, lower sponsor’s cost of capital as they begin to lease-up the property, fund remaining construction costs to complete the project and return a significant portion of the sponsor’s invested equity.
Once fully completed in May 2021, the apartments will consist of one-, two- and three-bedroom units averaging 956 square feet. The apartments will feature best-in-class amenities, including a swimming pool, media center, movie theater, billiards and game room and golf simulator.
Located at 3250 Orleans Ave., the property is proximate to notable nearby destinations and is a five-minute drive to Walt Disney World, 20 minutes from Orlando International Airport and just 30 minutes from Downtown Orlando. Additionally, the project is located in the best in-fill location in the Orlando area submarket, being walkable to various shopping and mass transit options that allow connectivity across the region.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Gregory Nalbandian and Director Jesse Wright.
“There was considerable competition to finance this best in class project that was in the very early stages of lease up,” stated Nalbandian. “Taking advantage of a very robust multi-housing lending market, we were able to arrange a very aggressive loan at a very attractive interest rate that significantly reduced the sponsor’s cost of capital while returning a significant portion of their equity well before stabilization.”