ATLANTA (March 21, 2016) – NorthMarq Capital is pleased to announce the successful closing of a $15.2 million senior loan for the construction of a 175 unit apartment complex in Sanford (North Orlando), Florida. Will James in the Atlanta office worked with Bill Hardman of NorthMarq’s Orlando office to arrange the 3-year interest only financing with Synovus Bank of Orlando. “This closing marks a new relationship between the developer and lender,” said Will James who originated the financing for NorthMarq.
NorthMarq represented Inland Atlantic Development Corporation (IADC) who just delivered a similar project in the same submarket, and IADC strongly believes the submarket demand generated by the SunRail subway line will continue. SunRail is extending north of the Seminole Commons Town Center, and the Residences of Seminole Commons which when completed will be on Rinehart Rd just south of West 1st Street.
The Seminole apartment submarket has strengthened in recent years due to the growing Lake Mary office submarket. Lake Mary has produced 1,000s of jobs in recent years and the trend is projected to continue. This growth has diversified Orlando’s job base substantially in this new cycle and the Sanford submarket will continue to realize net gains in the apartment sector.
Contact Will James of NorthMarq Capital’s Atlanta office for any questions about this closing, or if you need equity and/or debt capital for your development or acquisition.