GlobeSt.com EXCLUSIVE: Watson Affiliate Gets Nearly 100% Financing in Apartment Buy

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MAITLAND, FL-An affiliate of Atlanta-based Watson Real Estate and Management Inc. has received nearly 100% financing in its $13.6-million purchase of the 246-unit Twin Lakes Manor Apartments at 201 E. Monroe Ave. The 92%-leased multifamily property is located in this suburban community, five miles north of Downtown Orlando.

Todd F. Cohen, director of Primary Capital’s Income Property Capital Group in Orlando, arranged the $13.55-million loan with Irving, TX-based First Horizon Loan Corp., a division of First Horizon National Corp., based in Memphis. The starting interest rate is 6.5%. Speaking about the three-year, interest-only loan, Cohen tells GlobeSt.com the loan’s principal would be repaid in one of two ways. “If the project becomes a conversion, then the loan will be repaid from near-future condo sales. If the project remains an apartment asset, the new owner will refinance down the road,” he explains.