$8,540,000 Non-Recourse Acquisition and Reposition of a 151-Unit Orlando Apartment

George Smith Partners arranged $8,540,000 of non-recourse, acquisition and renovation debt for a 151-unit multifamily apartment in Orlando, Florida. The subject is composed of 11, two-story buildings and is centrally located to attractions such as Walt Disney World, Universal Orlando Resort, and Sea World Orlando. The business plan is to acquire the performing asset and renovate 100% of the units. Proforma operating expenses were underwritten and supported with the Sponsor’s comparable property expenses in this market.  Fixed for 10 years at 4.37%, the non-recourse loan was sized to 80% of the total capitalization.   Amortization commences on a 30-year schedule after an initial three years of interest only payments.