Updated Mar 11, 2025
FCP Provides $16.7 Million Loan For 320-Unit Multifamily Development In Orlando By Royal Palm
14630 New Creek Ave
$16,700,000
Units
320
Asset Type
MultiFamily
Closing
Feb 6, 2025
About this deal
AI
The property asset involved in this transaction is a 320-unit multifamily development located at 14630 New Creek Ave, Orlando. The project, known as Royal Palm at Nona, falls within the lucrative Lake Nona submarket and emphasizes luxury residential offerings.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $16,700,000
- Lender: Esko I. Korhonen, Alex J. Marshall, Lacy Rice, Bruce Gago & Billy Herbert - FCP
- Landlord: Dan Kodsi - Royal Palm Companies
- Brokers: Patrick Dufour & Scott Ramey - Newmark
This transaction was facilitated by Newmark brokers Patrick Dufour and Scott Ramey, who arranged the preferred equity investment aimed at financing the multifamily development. The investment is intended to bolster the ongoing efforts of Royal Palm Companies in enhancing their project within a high-growth market.
On the Map
$16,700,000
MultiFamily
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Players
Orlando MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.95%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93