CHICAGO, IL – February 12, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged joint venture and preferred equity totaling $28.9 million to capitalize the development of Radius Apartments, a 13-story, 389-unit, Class A apartment project in Orlando, Florida.
The HFF team worked on behalf of an affiliate of Banner Real Estate Group to arrange $14.89 million in joint venture equity from Westminster Capital LLC and $14 million in preferred equity through a blue chip life company.
Radius Apartments will be situated at the corner of N. Rosalind Avenue and E. Livingston Street with sweeping views of Lake Eola to the southeast. The centrally located development will also be adjacent to the Orlando CBD and within walking distance to the new LYNX SunRail Central station, nightlife amenities along Orange Avenue and the under-construction UCF Medical Downtown Campus. Due for completion in 2020, the building will feature 12 stories of residential space situated above street-facing retail on the first floor, an adjacent six-story parking garage and a public courtyard. The roof of the parking garage will be utilized as an amenity deck that will include a pool, cabanas, outdoor kitchen, dining and grilling area, bar and sun shelf. A secondary amenity deck will provide quieter green space for outdoor yoga, bocce ball and lounge seating. Additional amenities will include a dog run, bike parking and tenant storage.
The HFF equity placement team was led by managing director Matthew Schoenfeldt along with senior managing director Michael Weinberg, senior director Brett Moss, senior managing director Matt Mitchell and analyst Tyler Swidler.
HFF has arranged financing for other notable multi-housing developments in Downtown Orlando during the past 18 months, including $60 million for Lake House in Ivanhoe Village and more than $100 million for the mixed-use, student housing community at UCF’s urban campus at Creative Village.
