JLL Capital Markets announced that it has arranged $35 million in construction financing for the development of Solamar Kissimmee, a 210-unit build-and-lease townhome community located in Kissimmee, Florida.
JLL worked on behalf of the borrower, Old Vineland Road LLC, to secure a three-year non-recourse loan through a New York-based loan fund. Agador Spartacus Development is developing Solamar Kissimmee on behalf of a joint venture between Trusot’s real estate division and TDG Enterprise, two multinational real estate investment companies with interests in Mexico and the United States.
When complete, Solamar Kissimmee will feature two- and three-bedroom units in more than 35 buildings, with six one- and two-story attached unit types offering semi-private backyards. The property will benefit from a robust set of amenities, including a resort-style pool, a spacious deck with private cabanas, a professional fitness studio with on-demand spinning classes, two dog parks, barbecue areas and a Class A clubhouse.
Located just off US Highway 192 (67,000 VPD), the property is strategically positioned 10 minutes from NeoCity, a planned 500-acre technology district that is set to become a global center for smart sensors, photonics, research and development in nanotechnology and big data/predictive analysis. Additionally, the property is less than a 10-minute drive from Walt Disney World and a 20-minute drive from Orlando International Airport.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Max La Cava, Brian Gaswirth and Drew Jennewein.
“With north of $80 billion raised to acquire or develop single-family rental assets, the rental construction sector is quickly establishing itself as a major asset class and is on a growth trajectory comparable to that of the apartment sector in the during the 1990s and 2000s,” La Cava said. “Lenders were attracted to Solamar Kissimmee given the low-density configuration of the property, sought after by tenants, strong market fundamentals characterized by the growth of population and employment and major institutional appetite to acquire BTR assets providing a clear path to an exit strategy.”
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides the best solutions for clients, whether it is investment and sales advisory, debt advisory, equity advisory or recapitalization. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.