Glacier Global Partners Lends $40M on Kissimmee Multifamily Development
By Cathy Cunningham June 14, 2021 6:00 pm
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Legacy Development has landed a $40 million construction loan for 1201 East Oak Street, a 256-unit multifamily project in Kissimmee, Fla., Commercial Observer has learned.
Glacier Global Partners provided the non-recourse debt, and the transaction closed last week.
The project sits in close proximity to numerous schools and medical centers in Kissimmee, as well as Lake Nona Medical City — a 650-acre health and life sciences park in Orlando, Fla.
It’s also a short distance from NeoCity — a 500-acre, master-planned technology district, which is expected to create thousands of new jobs in the immediate area.
The first units at 1201 East Oak Street are expected to be delivered in 2023. The property’s amenities will include a resort-style pool, high-end clubhouse, fitness center, dog park, and private patios and balconies.
“We are excited to work with Legacy Development on this great opportunity on what we expect will be a beautiful, high-quality multifamily project,” Yaniv Blumenfeld, founder and managing partner of Glacier Global Partners, told CO. “What attracted us to this deal is the development team’s tremendous experience in multifamily development projects, having just completed a 300-plus unit property elsewhere in Orlando, as well as the population growth and strength of the Orlando residential sector.”
New York-based Glacier Global specializes in first-mortgage bridge loans, mezzanine loans, and preferred equity investments in the $20 million to $150 million range. Historically active in both the New York and Florida markets, it’s now looking to expand its footprint nationally, Blumenfeld said.
Recently, the firm closed on a $10 million mezzanine loan to Tricera Capital to finance the firm’s acquisition of Cube Wynwd, an 82,000-square-foot, Class A office building in the Wynwood submarket of Miami. Amerant Bank provided $18 million in senior financing in the deal.
