Newmark Lends $37M on Orlando Apartments Acquisition
By Andrew Coen February 2, 2024 12:46 pm
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Trion Properties has nabbed $37.1 million of acquisition financing for the purchase of an Orlando multifamily property, Commercial Observer has learned.
Newmark (NMRK)’s agency lending arm provided the Freddie Mac (FMCC)-backed loan toward Trion’s acquisition of the 344-unit Bridgewater property in Orlando’s Conway neighborhood. Trion acquired the garden-style apartment community from Terra Capital for an undisclosed price.
The financing component of the transaction was arranged by Newmark’s Henry Stimler and Ricky Warner. Newmark’s Ryan Moody facilitated the sale.
The financing was structured with prepayment flexibility to give Trion the option for an eventual “opportunistic sale,” according to Newmark.
“This acquisition stands as a shrewd and highly strategic addition to Trion’s portfolio,” Warner said in a statement.
Located at 2490 South Conway Road, Bridgewater is about 20 miles northeast of Walt Disney World. Property amenities include two swimming pools, a fitness center, a clubhouse with coffee bar, a pet spa, a playground and a grill area.
David Moghaven, director of acquisitions at Trion, said Newmark helped navigate the deal process “in the face of a volatile market.”
“Now, fueled by excitement, we are eager to dive into what we perceive as a phenomenal value-add opportunity,” Moghaven said in a statement.
Andrew Coen can be reached at acoen@commercialobserver.com
