Unicorp Lands Refi for Orlando-Area Development
- Jun 14, 2018
Unicorp National Developments has secured an $11.5 million refinancing package for the first, 51,870-square-foot retail phase of its Griffin Farms at Midtown mixed-use development in Lake Mary, Fla. In November last year, Unicorp took a similar $22.1 million loan for another Orlando-area development.
The 30-year loan bears a fixed interest rate and features one year of interest-only payments and the ability to advance future funds at various intervals through the duration of the mortgage. Vice President Zac Brumbaugh of CBRE’s Debt and Structured Finance practice arranged the financing through a correspondent life insurance company.
A blend of retail, residential
Upon completion, the full development will contain approximately 150,000 square feet of retail, 263 upscale apartments, 138 single-family homes and structured parking. The project site encompasses 33.8 acres at the corner of West Lake Mary Boulevard and Longwood Lake Mary Road. The initial retail phase is anchored by a 38,000-square-foot 24 Hour Fitness, which opened earlier this year.
“Given the high demand across greater Orlando, and the country, for lifestyle-oriented retail experiences, the whole Griffin Farms master development will really enhance the live-work-play theme unlike anything else in Lake Mary,” Brumbaugh told Commercial Property Executive. “With its residential component as well as many niche restaurants and service-oriented retailers that complement each other, Griffin Farms will be a hallmark development for Lake Mary. Additionally, this life company financing package we structured for the first retail phase allowed it to be put on a permanent financing basis with an early take-out of the construction lender, which really is the final item to complete for any developer finishing a project or one of its components.”
Images courtesy of CBRE