ZMR Capital recently secured a $42.5 million bridge loan for an apartment complex in Kissimmee. The loan, provided by Nuveen Real Estate, has a three-year term with the option to extend for two additional years and offers full-term interest only at 68% of the property’s value. It also includes a rate cap and flexible prepayment terms.
The property, known as Skye at Hunter’s Creek, was built in 2015 and consists of nine three-story buildings with 216 units. The apartments have been newly renovated and offer one-, two-, and three-bedroom options with patios or balconies. Residents can enjoy amenities such as a resident clubhouse, swimming pool, outdoor pavilion with grilling station, fireplace community spaces,and fitness center.
Berkadia’s Brad Williamson led the team that secured this financing on behalf of ZMR Capital.”This deal closed within just 30 days from application to funding,” said Williamson.”It allows our client to pay off their acquisition bank loan while still pursuing their business plan without any negative impact on cash flow.”
