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Synovus Bank Provides $45M Construction Loan For 360-Unit Development Site In Orlando

Property Image
FINANCED
$45,000,000
Kyle Schlitt
James Maynard
Matthew (Matt) Williams

Florida

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Development Site366,300 SF
Financed 08/25/2021
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Property Image
FINANCED

Synovus Bank Provides $45M Construction Loan For 360-Unit Development Site In Orlando

12501 Wewahootee Rd, Orlando, FL, USA

See Similar Deals
Development Site366,300 SF
Financed 08/25/2021
Kyle Schlitt
James Maynard
Matthew (Matt) Williams
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$122
Total Square Footage:366,300 SF
Transaction Type:Loan

The development site located at 12501 Wewahootee Rd in Orlando has recently secured a construction loan from Synovus Bank. The loan, amounting to $45,000,000, has a four-year fixed-rate term. The property spans across 18 acres and features a total of 360 units with a combined square footage of 366,300.

Summary of transaction details

The deal was facilitated by Newmark, with Matthew Williams, Kyle Schlitt, and James Maynard representing the parties involved. The Cornerstone Group, led by Bill Kassebaum and Pablo Lopez, acted as the landlords in the transaction.

Players

Matthew (Matt) Williams
Newmark
Matthew Williams
12 deals$956.3M volume
BROKER
Kyle Schlitt
Newmark
Kyle Schlitt
11 deals$728.7M volume
BROKER
James Maynard
Newmark
James Maynard
10 deals$999.4M volume
BROKER
TG
The Cornerstone Group
LANDLORD
TG
The Cornerstone Group
LANDLORD

Details

FINANCED
IMAGE: Matthew Williams, James Maynard & Kyle Schlitt DATE: 08/25/2021 ADDRESS: 12501 Wewahootee Rd MARKET: Orlando ASSET TYPE: Development Site LENDER: Synovus Bank LANDLORD: The Cornerstone Group - Bill Kassebaum & Pablo Lopez BROKERS: Matthew Williams, Kyle Schlitt & James Maynard - Newmark LOAN AMOUNT: $45,000,000 LOAN TERMS: four-year, fixed-rate LOAN TYPE: Construction UNITS: 360 ACRES: 18 SF: 366,300

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$45,000,000.00

Monthly NOI$300,000.00
Monthly Debt Service$284,430.61
Change in Cash Flow$0.00
Refinance Proceeds$0.00