ORLANDO— Schrimsher Properties just secured $29.5 million in permanent financing for Aqua at Millenia, a class A multifamily complex. Freddie Mac has contracted to purchase the 10-year, fixed-rate loan for the multifamily property.

Jones Lang LaSalle managing directors Denny St. Romain, Jubeen Vaghefi and Jeff Morris led the team on this transaction. The multifamily complex is located at 5451 Millenial Lakes Blvd. in one of the fastest growing submarkets in Florida.

“Life insurance companies were interested but proceeds was key and Freddie was able to get higher proceeds,” St. Romain tells GlobeSt.com, noting that the deal took 60 days from contract to closing. “Orlando multifamily is experiencing phenomenal absorption right now with new supply being very limited and job growth very robust in the Orlando metro.”

The 329-unit, Aqua at Millenia was completed in 2009. The property is adjacent to the 1.1 million square foot Mall at Millenia and is 95.6% occupied. Community amenities include a fitness center, pool, spa, outdoor kitchen and grilling area, business center, car care center, 22-seat theater, coffee bar and a billiard and game room.

Since 2000, the population within a one-mile radius of the Aqua at Millenia has nearly doubled, growing a 7.6% annually over the period. Orlando has sound long-term growth fundamentals, underpinned by continued expansion of medical and tourist related sectors, above average population and job growth, and relatively affordable housing.

Orlando’s multifamily vacancy rates have steadily declined, falling to 8.3%, according to JLL, and leading to a surge of absorption over the past several years. The slowdown in supply has led to one of the strongest vacancy recoveries in the country.