JLL capital markets announced that it has secured a $ 61 million home loan and preferred equity for Infield Apartments, an apartment building in Kissimmee, Florida, south of Orlando.
JLL secured the mortgage loan through an insurance company and a listed REIT on behalf of borrower The Latigo Group. JLL was able to ensure the structuring of an optimal senior and preferred equity solution for the development.
This is the second apartment building development project that JLL has capitalized for The Latigo Group this year. At the beginning of this year, JLL secured construction financing for The Latigo Group for the construction Lynwind at Championsgate, a luxury apartment building also located in the greater Orlando area.
The Class A Infield Apartments development will consist of 384 one, two and three bedroom units ranging in size from 699 to 1,354 square feet. The property will include resort-style facilities such as a clubhouse, dry sauna, golf simulator, lakefront pool, state-of-the-art fitness center and yoga studio. The property is set on 25 hectares of land with a total area of 491,578 square meters and will consist of 654 parking spaces.
Located on 1900 Ball Park Rd., The Infield Apartments will be positioned in one of the most sought-after submarkets of Orlando, with the resident population within a 20-minute drive of the property expected to grow 3 percent annually for the next five years . In addition, the property has direct access to Orlando’s various retail, dining, and entertainment venues including Walt Disney World and Universal Studios via SR 417, Turnpike, US 192, and W. Osceola Parkway. Additionally, the property is in close proximity to nearby major employers and a projected pipeline of over 16,600 new jobs to come to the area over the next several years, including the booming healthcare and engineering scene.
The JLL Capital Markets team representing the borrower was led by Director Bercut Smith, Senior Director Tarik Bateh and Senior Managing Director Charles Halladay.
Smith said, “The Infield Apartments will be an excellent addition to the Latigo Group’s growing presence in Florida. There is no property in the Kissimmee submarket that can rival the amenities of Infield and we expect this to lead to an accelerated lease. ”
JLL Capital Markets is a global full-service provider of capital solutions for real estate investors and users. The company’s in-depth local market and global investor knowledge deliver first-class solutions for clients – be it investment sales advice, bond placement, equity placement or recapitalization. The company has more than 3,700 capital market specialists worldwide with branches in almost 50 countries.