Orlando, Florida. – Property Markets Group (PMG) and Raven Capital Management received a $ 120 million building loan to develop Society Orlando, a 26-story condominium and retail project located at 434 N Orange Ave. in the center of Orlando.
Chris Peck and Mark Fisher of JLL arranged the loan through a fund managed by Los Angeles-based CIM Group. PMG was represented by Lowell Plotkin, Andrew Worman, Jonathan Blank and Randy Marble. The loan will provide financing for the first phase of construction, which began in 2020.
Phase 1 of the Orlando Society, slated for completion in 2023, will include 462 apartments and 33,000 square feet of commercial space on the ground floor. The Orlando Society will offer a mix of traditional units as well as co-living options. Over 100,000 square feet of utilities will include a poolside deck, coworking lab, gym and fitness studio, entertainment rooms, yoga lawn, food and beverage manufacturing, smart bag lockers and app-based keys.
Society Orlando is part of the Society Living brand, which focuses on improving apartment sharing by making it easier to find good roommates, separating bills, and eliminating shared bathrooms. Other Society Living innovations include the Society Las Olas in downtown Fort Lauderdale, which opened in May 2020; Society Biscayne in downtown Miami, scheduled to open in early 2022; and Society Denver, which was announced in August. In addition, more than 8,500 units are planned to be built nationally, including additional developments in Atlanta, Brooklyn and Nashville.