"The financing package that was structured provides 100% of all construction and development costs, and reimbursed the developer for all the pre-development expenses," says Todd F. Cohen, director, Income Property Capital Group in the Orlando office of Atlanta-based Primary Capital Advisors. "For a developer, it does not get much better than that."
Cohen tells GlobeSt.com 80% financing on a construction loan is "a typical deal." Wachovia structured the loan based on "great project and pre-sales over the loan amount," the mortgage banker says. Eighteen of the 31 condo units have been pre-sold with prices starting in the $900,000 range. The interest rate on the two-year loan starts at 5.25%. The financing deal took 60 days to complete.
The 31-unit, four-story property is on the site of the former historic Langford Apartments. Condo homes will have up to 4,000 sf of living area. A 2,365-sf clubhouse is also being constructed. Trovillion Construction and Development is developing several townhome and condo projects throughout Central Florida, include Casa Jardin in Winter Park and the Wave Condominiums in New Smyrna Beach.
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