Berkadia Secures $52.52 Million in Construction Financing for Luxury Apartments in Oralndo

November 13, 2020

Berkadia Secures $52.52 Million in Construction Financing for Luxury Apartments in Oralndo

November 13, 2020
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Futura @ Nona Cove will deliver 260 new apartments

ORLANDO (November 11, 2020) – Berkadia announces it has secured construction financing for Futura @ Nona Cove, a planned 260-unit, Class A apartment community located in the Lake Nona submarket of Orlando, Florida. Senior Managing Director Mitch Sinberg and Director of Operations Jared Hill of Berkadia’s South Florida offices, along with Senior Managing Director Colin Callaghan and Director Nicole Hood of Berkadia’s HUD team, arranged the $52,522,400 million construction loan through Berkadia’s HUD program.

The sponsor is Boca Raton-based FUTURA.

The 221(d)(4) 40-year amortized construction loan features a fixed interest rate and an 85 percent loan-to-cost ratio.

”FUTURA is an experienced developer in a very strong market within Orlando and, as a result, we were able to secure a construction-to-perm loan from HUD, with interest only during the construction period followed by a 40-year self-amortizing loan,” said Sinberg. “Lake Nona is one of the fastest-growing submarkets in Orlando, and demand for apartments has been buoyed by Lake Nona Medical City, a new 650-acre health and life sciences park created by Tavistock Development Company. A visionary, master-planned community for the 21st century, the park houses leading healthcare and research facilities  including University of Central Florida’s College of Medicine and Lake Nona Medical Center, along with other national life sciences firms.”

“The ability to execute the closing of this amazing HUD- insured loan during this year’s pandemic-driven recessionary economic period was a colossal undertaking, proving that it is in challenging times like this one when partnerships with experienced partners like Berkadia are paramount to any successful endeavor,” said FUTURA president Reinerio P. Faife.  “FUTURA is looking forward to bringing this great residential community to reality. Phase One of this uniquely located lifestyle neighborhood center is developed with a third-generation four-story, 122,000-gross-square-foot climate-controlled self-storage facility with a secured drive-thru area to be managed by Extra Space; further integrated with over 29,000 square feet of prime neighborhood commercial and retail uses to be operated by locally and nationally recognized tenants.”

The Futura @ Nona Cove luxury apartment community will be a five-story, 260-unit luxury rental community located at 19463 Boggy Creek Road on approximately 5.5 acres at the intersection of Narcoossee and Boggy Creek Roads. This luxurious residential enclave features a full resort lifestyle amenity package housed within its modern coastal contemporary architecture. The project will offer studios, one-, two- and three-bedroom units ranging in size from 623 to 1,315 square feet. All apartment units will feature strategically laid out den spaces (driven by this submarket’s economic drivers pushing for more home office options), nine-foot ceilings with top penthouse units boasting 10- to12-foot ceilings, modern bathrooms, kitchens with energy-efficient stainless steel appliances, full-sized washers and dryers, extra-large walk-in closets, and  oversized balconies and private patios on first floor units.

Community amenities at the property will include an advanced air filtration system for all enclosed amenity areas, including a two-story clubroom and resident lounge with co-working areas; an oversized lap and resort-style pool adjacent to a fully integrated state-of-the-art fitness and wellness center with courtyards; a community walking and jogging trail outfitted with fitness stations; a putting green; a community dog spa with an oversized linear dog park with sitting gazebo for residents; electric car charging stations; and more.

FUTURA recorded its Notice to Proceed with construction at HUD loan closing on November 5th of 2020, with plans to start leasing units by November 2021.

Lake Nona is a nationally recognized master-planned community covering roughly 17 square miles adjacent to the Orlando International Airport. Nona Cove’s vision expands on this area’s submarket, boasting a dynamic mix of residential, commercial and retail uses, and is home to the United States Tennis Association’s National Campus.

Futura, Linkvest Receive $52.5M HUD Construction Loan for Multifamily Project in Orlando’s Lake Nona | REBusiness Online

South Florida developer scores HUD construction loan for luxury apartments in Nona Cove community| Growth Spotter