New York Life Real Estate Investors has provided a $41m loan for the development of Windermere Cay, a garden-style multi-housing community near Walt Disney World in Winter Garden, Florida, just north of Orlando.
The 10-year, fixed-rate loan backs a Class A 380-unit complex being developed by Six Pines Realty and managed by Greystar.
Situated on 13.9 acres at 8200 Jayme Drive, within the city of Winter Park’s Windermere neighborhood, the site is about eight miles north of Walt Disney World.
“This strategically-located, high-quality asset has existing units that are fully leased with a second phase of units just starting construction,” said HFF director Michael Weinberg, part of the team that led the financing. “The lender was able to provide a creative structure to the borrower that allowed for a long-term, fixed-rate loan on both phases as if they were both stabilized.”
The property boasts an array of amenities including two resort-style swimming pools, a dog park, detached garages, a cyber café, electric car charging station, theater room, outdoor fireplaces with verandas, a clubhouse, business center and fitness center.
Ownership reportedly requires new tenants to sign a “social media addendum,” subjecting them to as much as a $10,000 fine for publishing or airing negative commentary about Windermere Cay. News of the addendum went viral in March.
Greystar’s empire of apartment buildings across the country continues to grow. It acquired apartment manager Riverstone Residential Group from London-based CAS Capital Limited in June and just last week snagged a $41m loan to back the purchase of Ten Faxon, a 200-unit apartment building in Quincy, Massachusetts. The property management and investment firm oversees a 400,000-unit, $10bn global portfolio.
In the three years ending December 31, 2014, HFF closed more than $2.9bn in in multi-housing transactions across all capital markets in Florida.