Synovus Bank Provides $45M Construction Loan on Orlando Rental Project
Synovus Bank has provided $45 million in construction debt to The Cornerstone Group to build a 360-unit multifamily community in Orlando, Fla., Commercial Observer has learned.
The four-year, fixed-rate construction loan will go toward the buildout of Urbon at Nona, a community that will sit on more than 18 acres and comprise roughly 366,300 square feet of residential commercial property, according to information from Newmark, which arranged the debt on behalf of the developer.
Vertical construction on the development — located at the southeast corner of Dowden Road and Florida State Road 417 — will begin this month.
Newmark’s Matthew Williams, Kyle Schlitt and James Maynard spearheaded the financing arrangement for Cornerstone.
“[This] construction loan will allow for Urbon at Nona to commence vertical construction this month, keeping with its planned delivery date. In addition, the delivery of brand-new multifamily housing in the area is further testament to the strength of the market,” Williams said. “The Lake Nona marketplace is near several employment centers, and there is a major need for high-quality housing as people continue to flock to the Orlando metro area.”
The garden-style community — the Urbon brand apartments, in general — will lean on providing smart-home technology within its residences to “augment socialization so residents can be more connected,” Bill Kassebaum, a senior vice president of acquisitions and development at Cornerstone, said in April 2019, when it was under contract to buy the land on which the development will be erected.
Urbon at Nona will feature studio, one-, two-, and three-bedroom residences, with high-end appliances, smart locks and voice-activated lighting. The site straddles a 12-acre lake and will provide tenants with a range of amenities, including a paved walking trail, package delivery and mailroom, fitness center, clubroom and lounge with a game room, “media lounge”, conference room, swimming pool with a deck, an outdoor kitchen, electric car-charging stations, a dog park and pet washing and grooming area, bicycle storage and a designated car wash area.
“We envision Urbon at Nona as the premier choice of housing for those in the area looking for high-quality living and luxury amenities,” said Cornerstone Vice President of Development Pablo Lopez. “[This] construction loan will help us continue to move this project forward as we look to complete the asset on time to meet the needs of those looking for housing within this submarket.”
The property’s location in southeast Orlando puts it within a growing section of the city that is close to Orlando International Airport, as well as a variety of medical offices and campuses and employment drivers, such as the University of Central Florida’s sprawling medical campuses and affiliated facilities, Nemours Children’s Hospital, Orlando VA Medical Center, and the University of Florida Research and Academic Center at Lake Nona, among others.
The Lake Nona area is also where Disney announced in July that it has planned a new regional campus for more than 2,000 employees that it will relocate from California.
Mack Burke can be reached at firstname.lastname@example.org.