Unicorp National Developments, Inc., an Orlando-based multifamily, mixed-use and retail developer, closed a $36,100,000 permanent loan on their latest premier apartment development, the 258-unit Zen Luxury Living apartments in Windermere, Florida.
CBRE Group, Inc. arranged a nonrecourse, low interest rate, 10-year term loan that includes the first seven years interest only with a 30-year amortization thereafter. Zac Brumbaugh, vice president, with CBRE’s Debt & Structured Finance group in Orlando facilitated the placement of the loan with one of CBRE’s correspondent life company lenders.
Unicorp’s latest apartment development, Zen, features amenities found nowhere else in the area such as an ambient zen garden, outdoor lagoon lounge, sauna, steam room, and on-site spa with massage rooms. Zen received its final certificate of occupancy in early February and is already more than 75 percent leased, experiencing leasing of two units per day on average.
Zac Brumbaugh of CBRE commented, “We arranged a very competitive loan – it was highly contested among many of our exclusive life company correspondent lenders, and Unicorp ultimately selected the terms that were best-suited for their goals and desired structure. We specifically worked with our life companies that compete well on pre-stabilized multifamily, with the ability to lock rate and close very early in lease-up when banks and other lenders cannot.”
Unicorp National Developments, Inc. develops, owns, and manages commercial and residential properties throughout the United States. Unicorp is well known for its development and involvement in high-profile projects such as the Orlando EYE, as well as the major upcoming projects like the $1 billion Colony Resort in Longboat Key, Florida and UCF’s Creative Village in downtown Orlando.
The debt and equity team comprised of Zac, Jim, and Aaron Brumbaugh of CBRE represents multiple life insurance company lenders as their correspondent. Collectively, they have financed over $9 billion of commercial real estate with a variety of capital sources for all product types, including multifamily, industrial, office, retail and hospitality.
