Allen Morris, Ustler Development Receive $66M Construction Loan for Apartment Complex in Downtown Orlando
ORLANDO, FLA. — The Allen Morris Co. and Ustler Development Inc. have secured a $66 million construction loan for the Creative Village Parcel M Apartments in downtown Orlando, a $108 million development. Financing was provided by SunTrust Bank and Santander Bank. Affiliates of the developers provided equity, and Walker & Dunlop arranged an additional equity partner. The community is set to consist of a Class A, 14-story, 409-unit building across the street from the University of Central Florida (UCF) Downtown campus and Valencia College Downtown Campus that are set to open in August. Creative Village Parcel M Apartments is slated to be complete in mid-2020. The project team includes architect Baker Barrios and general contractor Brasfield & Gorrie. Creative Village Parcel M Apartments is part of the $1 billion Creative Village, a 68-acre mixed-use and transit-oriented community that will serve as the home to high-tech and digital corporations, as well as UCF and Valencia College students, employees and residents.