JLL Secures $59M Financing for Apartment Development in Kissimmee, Florida
KISSIMMEE, FLA. — JLL Capital Markets has secured $59 million in bridge financing for the development of Dolce Living Royal Palm, a 326-unit multifamily property located in Kissimmee. Gregory Nalbandian and Jesse Wright of JLL led the team representing the borrower, Sovereign Properties, to secure a three-year, non-recourse bridge loan through Värde Partners. The property is set to open in May.
The lease-up bridge financing will retire the existing constriction loan and preferred equity, lower the sponsor’s cost of capital as it begins to lease-up the property, fund remaining construction costs to complete the project and return a portion of the sponsor’s invested equity.
Dolce Living Royal Palm apartments will include one-, two- and three-bedroom units averaging 956 square feet. Community amenities will include a swimming pool, media center, movie theater, billiards and game room and golf simulator.
Located at 3250 Orleans Ave., the property is situated 5.3 miles from Walt Disney World Resort, 26 miles from Orlando International Airport and 31 miles from downtown Orlando.