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This Orlando Multifamily Loan Was Rare Indeed

By Tony Seruga

PRG Victoria snapped up a lender-owned apartment complex in Orlando via Auction.com in August.

ORLANDO—PRG Victoria snapped up a lender-owned apartment complex in Orlando via Auction.com in August. The California investment real estate firm put in a winning bid of $47.8 million on the multifamily asset, which is next to Waterford Lakes Town Center in East Orlando.

Institutional Property Advisors (IPA) Capital Markets arranged $35.17 million in acquisition financing for the 15-building, 364-unit multifamily complex. IPA first vice president capital markets Jake Roberts, and Anita Paryani, IPA vice president capital markets, arranged the financing.

“The borrower wanted to stagger their debt maturities, which meant they needed to place 15-year debt on the asset,” says Roberts. “Very few of the most aggressive lenders have 15-year fixed-rate money, but IPA was still able to create a market for the 15-year product and push the top lenders to achieve the most aggressive rate with a 10-year interest-only component as well.”…

This Orlando Multifamily Loan Was Rare Indeed

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