ORLANDO, FLA. — Property Markets Group (PMG) and Raven Capital Management has secured a $120 million construction loan for the development of Society Orlando, a 26-story multifamily and retail project located at 434 N Orange Ave. in downtown Orlando.
Chris Peck and Mark Fisher of JLL arranged the loan through a fund managed by Los Angeles-based CIM Group. PMG was represented internally by Lowell Plotkin, Andrew Warman, Jonathan Blank and Randy Marble. The loan will provide financing for the first phase of the development, which broke ground in 2020.
Slated for completion in 2023, Society Orlando’s first phase will include 462 apartments and 33,000 square feet of ground-floor commercial space. Society Orlando will offer a blend of traditional units as well as co-living options. With over 100,000 square feet of amenity space, the community amenities will include a pool deck, coworking lab, gym and fitness studio, entertainment lounges, yoga lawn, craft food and beverage operations, smart package lockers and app-based keys.
Society Orlando is part of the Society Living brand, which focuses on primarily market-rate apartments along with making co-living apartments better by making it easier to find good roommates, splitting up the bills and eliminating shared bathrooms. Other Society Living developments include Society Las Olas in downtown Fort Lauderdale, which opened in May 2020; Society Biscayne in downtown Miami, which is slated to open in the beginning of 2022; and Society Denver, which was announced in August. Additionally, over 8,500 units are planned nationally including additional developments in Atlanta, Brooklyn and Nashville.