Monticelloam Provides $52M Refi for Florida Apartments
By Andrew Coen March 5, 2026 1:40 pm
reprints
A joint venture between Batson-Cook Development Company and Ventures Development Group has sealed $52 million of bridge debt to refinance a newly built multifamily asset in central Florida, Commercial Observer has learned.
Monticelloam supplied the three-year loan with two 12-month extension options for the sponsorship’s 298-unit The Southerly at Orange City apartment complex in Orange City, Fla., that debuted in 2024.
CBRE arranged the transaction with a team led by Robert LaChapelle, Blake Cohen and Reed McGarity based out of the brokerage’s Atlanta office.
Chris Hetzel, managing director at Monticello, who originated the financing, said in a statement the deal reflects its “multifamily lending experience” and “partnering with experienced sponsors” to grow its platform.
Rob McConnell, principal of Ventures Development Group, noted in a statement that the location of the multifamily property is “in one of the fastest-growing areas surrounding Orlando.”
Located at 1211 Parc Hill Boulevard in Orange City, 28 miles north of Downtown Orlando, The Southerly at Orange City comprises 10 apartment buildings. Community amenities include a clubhouse, a fitness center, a pool, electric vehicle charging stations, a lounge with a kitchenette, a dog park, a business center, a pickleball court and a billiards room.
Batson-Cook Development Company did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
