East Orlando Gets Some Multifamily Investor Love

Cadence Crossings has secured a 15-year fixed rate Fannie Mae Delegated Underwriting and Servicing loan to finance the 184-unit apartment buy.

ORLANDO— Greystone just provided a $14 million loan to finance a big multifamily acquisition in Orlando. Cadence Crossings has secured a 15-year fixed rate Fannie Mae Delegated Underwriting and Servicing loan to finance the 184-unit apartment buy. “Market fundamentals in Orlando remain strong for multifamily acquisitions,” Joe Mosley, executive managing director and head of agency lending at Greystone, tells GlobeSt.com. Andrew Ellis of Greystone’s Rockville, MD office originated the multifamily loan on behalf of Mahesh Desai and Hiren Patel , key principals of Atlantic Multifamily 12 . The Cadence Crossing loan includes a 30-year amortization and is interest-only for the first five years of the term. The multifamily community has 19 two-story apartment buildings with one-, two- and three-bedroom units and multiple amenities. The East Orlando asset is located in close to Disney World, Universal Studios, Downtown Orlando, and Orlando International Airport. Orlando is seeing its fair share of commercial real estate action. RADCO Companies just made its first multifamily purchase in the Orlando MSA . RADCO CEO Norman Radow tells GlobeSt.com his firm will keep looking for value-added investments in the area. “We will continue to target market opportunities based on our four primary strategies that I mentioned above,” Radow says. “We specialize in turning around ‘diamonds in the rough,’ which means there must be a mark-to-market opportunity, a value-add component, and these properties must be located in areas where fundamentals are improving and changing. Basically, this all boils down to identifying undervalued B and C class assets in class A locations throughout the Orlando area that we believe we can turn into community improving success stories.”