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FCP Provides $16.7 Million Loan For 320-Unit Multifamily Development In Orlando By Royal Palm

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FINANCED
$16,700,000
Scott Ramey
Patrick Dufour

Florida

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MultiFamily
Financed 02/06/2025
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FINANCED

FCP Provides $16.7 Million Loan For 320-Unit Multifamily Development In Orlando By Royal Palm

14630 New Creek Ave

See Similar Deals
MultiFamily
Financed 02/06/2025
Scott Ramey
Patrick Dufour
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan

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.

Players

Patrick Dufour
Newmark
Patrick Dufour
15 deals$1B volume
BROKER
Scott Ramey
Newmark
Scott Ramey
15 deals$1.3B volume
BROKER
FCP
FCP
LENDER

Details

FINANCED
IMAGE: Bruce Gago, Alex J. Marshall, Patrick Dufour, Esko I. Korhonen, Dan Kodsi, Scott Ramey & Lacy Rice DATE: 02/06/2025 ADDRESS: 14630 New Creek Ave MARKET: Orlando ASSET TYPE: Multifamily ~ UNITS: 320 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 (@Newmark) LOAN AMOUNT: $16,700,000 NOTE: FCP provided a $16.7 million preferred equity investment to finance Royal Palm at Nona, a 320-unit Class A multifamily development in Orlando, led by Royal Palm Companies. Newmark’s Patrick Dufour and Scott Ramey arranged the transaction, which supports a luxury residential project in the high-growth Lake Nona submarket.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$16,700,000.00

Monthly NOI$111,333.33
Monthly Debt Service$105,555.36
Change in Cash Flow$0.00
Refinance Proceeds$0.00