, one of the largest diversified real estate firms in the Southeast, today announced that it has secured $66M in financing provided by SunTrust Bank and Santander Bank, via a syndicate led by SunTrust Robinson Humphrey, for the Creative Village Parcel M Apartments in Downtown Orlando, its $108M co-development with Ustler Development, Inc.
The new development will consist of a Class A, 14-story, 409-unit market rate apartment project located across the street from the new University of Central Florida (UCF) Downtown and Valencia Downtown Campus in Orlando, Florida. The new campus is slated to open in August 2019 with more than 8,000 students, faculty, and staff.
Equity was provided by affiliates of The Allen Morris Company and Ustler Development, Inc. and an equity partner was arranged by Walker & Dunlop.
“We’re delighted to secure financing for this inspiring project that will truly become the future of Downtown Orlando,” said W. Allen Morris, chairman and CEO of The Allen Morris Company. “We seek to develop projects that add value to the community and its residents, and with Orlando’s dynamic economic boom and the new UCF/Valencia Downtown Campus, the timing was perfect for an innovative approach to market-rate housing with great amenities that meets the needs of the current and future students, faculty and other residents of Downtown Orlando.”
“We have put together a great team for this project and it is the first market-rate apartment building at Creative Village. The financing arranged by SunTrust represents a significant commitment to the economic development of Downtown Orlando,” said Craig Ustler, president of Ustler Development, Inc.
Designed by architect Baker Barrios and with Brasfield & Gorrie as general contractor, residents of the cutting-edge development will enjoy an array of features and amenities including indoor and outdoor socialization areas, rooftop swimming pool, amenity deck, integrated parking garage, 2.5 acre Central Park across the street, clubhouse and fitness center as well as dog wash. With the unique needs of UCF and Valencia student residents in mind, Creative Village Parcel M will additionally feature approximately 1,000-square-feet of collaboration space on each residential floor in addition to co-working/conference room space.
“This cutting-edge development is located in the heart of Orlando, making it an ideal community for students and UCF employees. Orlando is a thriving city, and Creative Village represents an investment for continued growth for our diverse economy,” said Sandy Hostetter, Orlando Market president for SunTrust.
Celebrating Orlando’s booming digital media industry and situated on the former site of the Amway Arena in Downtown Orlando, Creative Village Parcel M Apartments is part of the overall Creative Village that will be a 68-acre mixed-use and transit-oriented community and the home to the area’s diverse mix of leading high-tech and digital corporations and to UCF Downtown and Valencia Downtown Campus’ students, employees and residents, once complete.
Development of the overall project will span across several phases, with Phase I currently underway and representing a total investment value of over $625M. Upon development and build out of the entire project, total vertical development value is estimated in excess of $1 billion.
The Creative Village Parcel M Apartments has a total estimated project value of $108 million and will be completed in mid-2020. The 1.6 acre site was acquired by the development entity from the City of Orlando on November 27, 2018.