MF1, Affinius Provide $155M Refi on Orlando Apartments
By Andrew Coen September 9, 2024 4:58 pm
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A joint venture between PMG and Raven Capital Management has landed a $155 million loan to refinance a newly opened multifamily asset in Downtown Orlando, Commercial Observer has learned.
MF1 Capital and Affinius Capital supplied the loan on the sponsorship’s 462-unit Society Orlando property that debuted in March. PMG and Raven previously secured a $120 million construction loan from CIM Group in 2021 for the 27-story project, which includes 34,000 square feet of retail space.
“The continued support we’ve received for Society Orlando from top lenders such as MF1 Capital and Affinius Capital underscores the confidence the capital markets have in the future of Downtown Orlando,” Andrew Warman, managing director of capital markets at PMG, said in a statement.
Warman said PMG the deal marks the first loan closed with MF1 and sixth with Affininus.
Located just east of Interstate 4 at 434 North Orange Avenue, Society Orlando is within walking distance of Creative Village, a 172-acre downtown campus for the University of Central Florida and Valencia College. The property, which will be operated by RCM Living Holdings, has resident amenities that include a pool deck with grilling areas, coworking space, conference rooms, a fitness center and a lobby offering craft food and beverages.
Society Orlando is part of PMG and Raven Capital’s growing national multifamily portfolio with 8,500 units planned for properties in Miami, Atlanta, Brooklyn, Denver, Fort Lauderdale and Nashville.
“Our completed multifamily portfolio now stands at four properties, and we are actively working to complete the final three in this vintage,” Josh Green founder and CEO of Raven Capital Management, said in a statement.
Officials at MF1 and Affinius Capital did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
