Newmark’s Multifamily Arm Provides $59M Freddie Mac Loan for Florida Apartments
The Preserve at Spring Lake is a 320-unit apartment complex that opened in 1974
By Brian Pascus March 3, 2025 1:35 pm
reprints
GSH Real Estate has secured $59 million in financing to recapitalize The Preserve at Spring Lake, a three-story, 320-unit apartment complex in Altamonte Springs, Fla., a suburb 11 miles north of Orlando, Commercial Observer has learned.
Newmark (NMRK) — a delegated underwriting and servicing (DUS) lender for Freddie Mac (FMCC) — provided a $42 million fixed-rate loan, while Pensam Capital, a joint venture partner, provided a $17 million equity piece. Newmark Capital Markets Strategies’ Anthony Orso, Henry Stimler and Ricky Warner arranged the financing.
Orso said in a statement that the new debt and equity allows GSH Real Estate to exit out of “a highly levered bridge loan” that was originated in 2022. The recapitalization will focus on improving maintenance and other capital expenditures at the property, he said.
“The arrangement not only bridged a significant funding gap, but also fully paid off the bridge loan, covered closing costs and provided capital to support ongoing business operations,” he added.
Located just west of Interstate 4 at 895 Wymore Road in Altamonte Springs, The Preserve at Spring Lake is a multifamily apartment community that opened in 1974. GSH Real Estate acquired the property in July 2021 for $62.8 million.
The complex sits within three miles of the Altamonte Mall, AdventHealth Altamonte Springs and Cranes Roost Park, an outdoor plaza and amphitheater.
GSH Real Estate did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
