Northmarq announces refinancing of $10,857,000 for Colonial Gardens Apartments in Orlando, Florida

MINNEAPOLIS (June 8, 2023) — Northmarq’s Mike Padilla, senior vice president, and Dan Trebil, executive vice president and regional managing director, in the Minneapolis office, arranged the refinance of $10,857,000 for Colonial Gardens Apartments. The 220-unit workforce housing property is located in Orlando, Florida. The transaction was structured with a 10-year term with five-years of interest only payments on a 30-year amortization schedule. Northmarq secured financing for the borrower through its status as a Freddie Mac Optigo lender.

Located in west Orlando, Colonial Gardens Apartments is a newly renovated community consisting of studio and one-bedroom apartment homes. Residents enjoy the convenient location near an array of restaurants, grocery stores, and events and festivities. Colonial Gardens is only a short drive from the Orlando International Airport and Camping World Stadium, as well as several parks including Barnett and Orlo Vista Park.