Apollo Lends $47M on Florida Luxury Multifamily Acquisition
By Cathy Cunningham February 18, 2021 4:26 pm
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Lexin Capital has landed $47 million in acquisition financing for its purchase of The Jamison, a luxury multifamily property in Kissimmee, Fla., Commercial Observer has learned.
Apollo Commercial Real Estate provided the seven-year loan, sources said, which features a rate of 2.85 percent and 3.5 years of interest-only payments followed by a 30-year amortization schedule.
Meridian Capital Group’s Drew Anderman, Alan Blank and Elliott Kunstlinger negotiated the debt. Meridian officials declined to confirm the lender’s identity.
Lexin Capital acquired the asset for $70.8 million, per a release from JLL (JLL) Capital Markets, which handled the sale. JLL represented the seller, a partnership between DeBartolo Development and Upshot Capital Advisors.
“This acquisition provided the borrower with favorable long-term, fixed-rate financing prior to the property reaching stabilization at approximately 80 percent leased,” Anderman said in prepared remarks.
The Jamison, located at 1040 Jamison Loop just off US-192, is a newly-constructed, Class A, garden-style multifamily property comprising 315 units across seven four-story buildings. Situated close to Universal Studios, Walt Disney World, Downtown Orlando and Lake Buena Vista, its amenity package includes a swimming pool with poolside cabanas, a clubhouse, a state-of-the-art fitness center, a dog park and Hub by Amazon 24-hour package pickup.
“We are very excited to add another property to Lexin’s portfolio in Central Florida,” Metin Negrin, founder of Lexin Capital, said. “The Meridian team did a great job securing this financing for The Jamison acquisition in a relatively short period of time to close for a pre-stabilized property.”
Apollo officials weren’t immediately available for comment.
