Orlando, Fla. — Avison Young Principal George Vail arranged the $70.5 million bridge loan for CitiTower, a 25-story, class A+ multifamily development with 233 units at 101 Lake Avenue in downtown Orlando, Florida. On behalf East SDG CitiTower LLC of which Albert J. Socol is Managing Member, the floating rate loan at 78 percent loan-to-value was financed through Asia Capital Real Estate for a 3-year term with an interest-only amortization schedule. The interest rate was Libor plus 350 basis points.
“The purpose of the loan is to refinance the current construction loan on CitiTower and provide the additional capital to finish leasing up the ground-floor retail and the second-floor commercial space,” said Vail. “The loan amount represents $302,575 per unit which is higher than most apartment sales in Orlando.”
Completed in August 2017 and constructed to condominium standards and quality, CitiTower is the most luxurious apartment high-rise in downtown Orlando strategically positioned one block south of Lake Eola. The residential occupancy is 97 percent. Professionals with a large disposable income are drawn to the property which is achieving some of the highest rental rates in metro Orlando.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,700 real estate professionals in 85 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.