Dealmaker: PCCP Provides $76M to Refinance Orlando Multifamily
PCCP LLC, Los Angeles, provided $76 million to refinance Paramount on Lake Eola in downtown Orlando, Fla.
Northland Investment Corp., Newton, Mass., refinanced the 313-unit, 16-story multifamily building with 45,500 square feet of ground-floor retail anchored by a Publix supermarket.
Located at 415 E Pine Street in Orlando, the property has 14 unique floor plans that average 1,139 square feet.
PCCP Vice President Ryan Dodge called the financing an opportunity to lend on a Class A asset in a prime Orlando location. “PCCP’s loan will also enable Northland to continue its value-enhancement strategy by making high-end upgrades to the interior units and renovations to common areas, lobbies, resident lounge area and fitness center,” he said.
Paramount on Lake Eola is in the Thornton Park submarket, downtown Orlando’s most popular residential location. Interstate 4 is one mile away and the East-West Expressway/SR 408 is 1.2 miles away.
Multifamily Executive magazine reported PCCP in September sold Class A apartment property Lofts at 7100 in Las Vegas to Security Properties, Seattle, for $80 milion.
Developed in 2008, Lofts at 7100 totals 379 residential units in the affluent Northwest Las Vegas submarket.
Security Properties Investment Manager Alex Gauper called the acquisition an opportunity to buy a core-plus asset in a good location. “The continued growth of the Northwest submarket, most recently highlighted by the success of the Skye Canyon master-planned community, should further strengthen the fundamentals of this area long-term,” he said.
