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ORLANDO- Financing of $105.7 million in permanent and construction loans has been arranged for four class A multifamily developments in the Orlando area. “The market has the highest degree of demand for class A properties,” Mark Findura, president and partner of R.J. Twitty & Co. II, the Florida-based mortgage banking company that arranged the financing, tells GlobeSt.com.

The financing package includes permanent loans for the Alexan at Maitland Crossing, the Alexan at Legacy Dunes and the Legacy at Fort Clark. That financing was arranged with Orlando-based Primary Capital Advisors, a Freddie Mac Program Plus lender.

The interest rates for the loans ranged from 5.5% for six-year terms, 5.75% for seven-year terms to 6.25% for a 10-year term. Each loan was based on 80% LTV.

The fourth project, the Alexan at Highland Oaks in Brandon, FL, has separately received construction and joint venture financing for an impending ground breaking.

The Alexan at Maitland Crossing is a 360-unit apartment complex in Maitland. The Alexan at Legacy Dunes is a 488-unit multifamily complex in Kissimmee and the Legacy at Fort Clarke is a 444-unit complex in Gainesville. All three projects were developed by Doug Hoeksema, group managing partner of Trammell Crow Residential and Real Estate Capital Partners. The apartment complexes have an occupancy rate between the high eighties to low nineties according to Findura.

The Alexan at Highland Oaks will be a 456-unit apartment complex located in Brandon. GE Capital and Trammell Crow are partnering on the development with financing provided by GE Capital and Bank Atlantic.

Findura says that lenders were “welcoming the loan” despite the national recession and political uncertainty. “There is a flight (by lenders) to high quality projects with strong developers, strong track records and strong locations.” Findura says these properties easily met all of those qualifications.

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