Buyer of Rosemont North Asset Gets $8.4M Fannie Mae Loan
- Feb 13, 2015
Florida Value Partners L.L.C. has received an $8.4 million Fannie Mae loan for acquisition of The Park at Vittoria, a recently rebranded 208-unit multifamily property in Orlando’s Rosemont North submarket.
Highlights of the seven-year loan include a two-year interest-only provision, 30-year amortization and an 80 percent loan-to-value ratio. Hunt Mortgage Group, an affiliate of Hunt Cos., secured the financing for Florida Value Partners, a Miami Lakes-based private equity firm.
Previously known as Waterstone Apartments, the 23-year-old garden-style complex comprises 33 three-story buildings and is located on 16 acres at 5224 Long Road. Units range in size from 1175 to 1677 square feet and include 120 three-bedroom apartments, 72 two-bedroom units and 16 four-bedroom residences.
Community amenities include two outdoor swimming pools, a sports court, playground, car wash, activities area, grilling area, a newly renovated fitness and health center and a laundry room at the clubhouse/leasing office building.
Occupancy is currently 92 percent and the new owner will not lease any unrenovated units until a $1.5 million makeover is complete, said Hunt Assistant Vice President Chad Musgrove. Building exteriors, unit interiors and furniture are all slated for upgrades. Blue Rock Partners L.L.C. is managing the repositioned property.
Photo credits: Franklin Street Real Estate Services