The Latigo Group has landed $ 45 million in construction financing for a planned apartment building outside of Orlando, Florida, the developer announced on Wednesday.
Main life insurance company provides the construction loan for the 82 million dollar project – called Infield Apartments – To be built on the site of a former county-run softball field in Kissimmee. Los Angeles-based Latigo will also receive $ 22.6 million in investor capital, including $ 10 million from CrowdStreet Investors, plus $ 15.7 million in preferred stock.
“We are very excited about this property because the Infield Apartments will set a new bar in convenience for residents and because the long-term prospects for the Orlando market are so favorable.” Mark Marron, Co founder and managing partner at Latigo said in a statement.
Is located 1900 Ballparkstrasse, the 384-unit project will consist of four five-story buildings and one four-story building. The complex will comprise 192 one-bedroom, 168 two-bedroom and 24 three-bedroom units. Amenities include a two-story clubhouse, fitness center with dry sauna, golf simulator, and resort-style pool.
Latigo said it acquired the 25 acre lot with a “cheap land base” and has the option to develop a second phase of housing on the site. Two hundred and seven Individual investors on CrowdStreet provided equity for the development, which is located approximately 25 kilometers from Orlandos Walt Disney World Resort.
“The Latigo offering on CrowdStreet is an example of how our marketplace offers investors opportunities that reflect our investment thesis, which Orlando values highly as an investment market as a whole, and especially for multi-family products.” Ryan Strub, Managing Director at CrowdStreet, said in a statement. “We are excited to help The Latigo Group move some of their fundraising online to access the vast pool of capital we are creating on CrowdStreet. ”
Construction of the infield apartments is scheduled to begin in July, with first-time occupancy in late summer 2022. Gray star will act as property manager of the development.
Principal officials did not immediately respond to a request for comment.