Berkadia Secures $70.8M Loan for Student Housing Community in Downtown Orlando
ORLANDO, FLA. — Berkadia has secured a $70.8 million bridge loan for UnionWest at Creative Village, a 640-bed, 15-story student housing complex located in downtown Orlando. Michael Weinberg, Rebecca Van Reken and Alec Fox of Berkadia secured the financing on behalf of the sponsors, Development Ventures Group, Ustler Development and Naples, Fla.-based Halstatt Real Estate Partners. Bank of America provided the loan, which will be used to take out the existing construction loan that Michael Weinberg of Berkadia arranged in 2017.
UnionWest at Creative Village offers four-bedroom floor plans with skyline views of Orlando, high-speed Wi-Fi and cable TV. Community amenities include a skydeck, study areas and kitchen and laundry services on each floor. UnionWest also includes approximately 12,000 square feet of ground floor commercial space leased to Subway, Dunkin’, Vera Asian, Qdoba and Addition Financial. The property’s parking garage contains 602 spaces. The student housing asset was more than 95 percent occupied as of the loan closing.
Built in 2019, UnionWest at Creative Village serves the student population at the University of Central Florida (UCF) at the UCF and Valencia Downtown Campus. The development cost for the project was $105 million. Both Valencia College and UCF lease education space in the student housing property. Valencia College leases 55,000 square feet including its new Walt Disney World Center for Culinary Arts and Hospitality. UCF leases 46,910 square feet for its academic and student support services.
Located at 601 W Livingston St., UnionWest is situated across the street from the new 2.3-acre Luminary Green Park, which is slated to open in 2022. The property is also located within Orlando’s Creative Village, a live, work, learn and play lifestyle mixed-use development with residential, office space, creative studios, hotels and parks.