Timbercreek Capital Provides $69M Bridge Loan to Refi Orlando Apartment Complex
The first phase of the 360-unit Atlantica at Town Center opened last year, while the second phase remains under construction
By Brian Pascus August 15, 2024 12:38 pm
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Sovereign Properties and Invest Capital Group have secured a $69.57 million bridge loan to refinance the first phase of Atlantica at Town Center, a 360-unit apartment complex in Davenport, Fla., a suburb of Orlando.
Timbercreek Capital provided the two-year, floating loan, while the JLL Capital Markets debt advisory team of Gregory Nalbandian, Kenny Cutler and Josh Odessky arranged the deal.
“Timbercreek Capital did an exceptional job meeting all of the client’s objectives and understanding this property’s competitive position within the Orlando metropolitan surrounding area, which is currently experiencing a number of new projects coming online,” Nalbandian said in a statement.
Located at 1121 Loblolly Lane in Davenport — roughly 28 miles southwest of downtown Orlando — Atlantica at Town Center completed construction in December 2022 and opened to the public in September 2023.
The complex offers one- to three-bedroom units, and features a resort-style setting for residents with amenities that include an outdoor pool, a fitness center, a dog park, a pet spa, a yoga studio, a clubhouse, onsite parking and self-storage. The property sits less than 15 miles from Walt Disney World and is a 30-minute drive from the Orlando International Airport.
Sovereign Properties and Invest Capital Group are planning to finish building the second phase of the apartment complex on land adjacent to Atlantica at Town Center Phase 1 by late 2024.
Sovereign’s CEO and founder, Russ Krivor, told CO that JLL Capital Markets did “great work” and that he appreciated “the seamless and rapid execution by Timbercreek Capital.”
Brian Pascus can be reached at bpascus@commercialobserver.com
