Integra Land Company has secured a $51.8 million HUD 221(d)(4) construction loan, arranged by Dwight Capital, for the development of Integra Isles in Leesburg, Florida. The project will consist of 264 market-rate apartments and is located just outside Orlando.
The loan proceeds will provide both construction and permanent financing for the developer, with Land South serving as the contractor.
Spanning over 15 acres of land, Integra Isles will feature a mix of one-bedroom (132 units), two-bedroom (114 units), and three-bedroom (18 units) apartments spread across eleven three-story garden-style buildings. Additionally, there will be a one-story clubhouse with leasing office on site.
Designed to offer residents an array of amenities to enhance their living experience, Integra Isles boasts features such as a game room within its clubhouse along with fitness center access; resort-style pool complete with cabanas; dog park; indoor pet spa; grill station perfect for outdoor cooking sessions; fire pit area ideal for gatherings around an open flame during cooler evenings or nights out under stars ;and sports bar where residents can catch up on their favorite games while enjoying some drinks or snacks from home without having to leave their community grounds.
Moreover,the project qualifies for reduced Green Mortgage Insurance Premiums at only 25 basis points due to its pending National Green Building Standard Bronze Certification – making it not only environmentally friendly but also cost-effective in terms of insurance premiums paid by tenants residing here once completed .
Brandon Baksh and Karnveer Bal were responsiblefor originating this transaction.
Connect CRE recently reported that Dwight Capital successfully closed a $51.8 million HUD 221(d)(4) construction loan which was used towards developing Integra Isles -a planned apartment community consistingof264market-rateunitsinLeesburg ,Florida . This funding provided bothconstructionandpermanentfinancingtothe developer ,Integ raLandCompany,andtheprojectwillbeconstructedbyLandSouth . LocatedjustoutsideOrlando ,IntegraIsles occupies 15.5 acres of land and will comprise of eleven three-story garden-style buildings, with a one-story clubhouse and leasing office.
The development is designed to offer residents a variety of amenities including a game room, fitness center, resort-style pool with cabanas, dog park, indoor pet spa,g rill station,f ire pit,and sports bar within the clubhouse. Each apartment will also have screened balconies or patios for added comfort.
Furthermore,the project has qualified for reduced Green Mortgage Insurance Premiums at only 25 basis points due to its pending National Green Building Standard Bronze Certification – making it an environmentally friendly and cost-effective option for tenants once completed .
This successful transaction was originated by Brandon Baksh and Karnveer Bal.
