Synovus Bank provides $ 45 million construction loan for lease project in Orlando – Commercial Observer

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Synovus Bank provided $ 45 million in construction debt Cornerstone Group to build a multi-family complex of 360 apartments in Orlando, Florida, as it became known to the Commercial Observer.

Four-year fixed-rate construction loan to go towards construction Urbon in Nona, a community that will span over 18 acres and will include approximately 366,300 square feet of residential commercial property, according to information from Newmarkwho arranged a debt on behalf of the developer.

Located at the southeast corner of Dowden Road and Florida State Road 417, vertical construction will begin this month.

Newmark Matthew Williams, Kyle Schlitt and James Maynard led the funding mechanism for Cornerstone.

“[This] The construction loan will enable Urbon at Nona to begin vertical construction this month, in line with the planned delivery date. In addition, the emergence of new multi-unit housing in the area is further testament to the strength of the market, ”Williams said. “The Lake Nona market is close to several job centers and there is a great need for high quality housing as people continue to flock to the Orlando metro area.”

The garden-style community – the Urbon brand apartments as a whole – will rely on smart home technologies in their homes to “enhance socialization so residents can communicate more.” Bill Kassebaum, senior vice president of acquisitions and development for Cornerstone, said in April 2019 when under contract buy land on which the building will be built.

Urbon at Nona will consist of studios, one-, two- and three-bedroom residences, with high-end technology, smart locks and voice-controlled lighting. The site is located on a 12-acre lake and will provide tenants with a range of amenities, including a paved walking trail, parcel delivery and post office box, fitness center, clubhouse and lounge with games room, media room, conference room, swimming pool. with a terrace, a summer kitchen, electric car charging stations, a parking lot for dogs, an area for washing and caring for pets, a storage space for bicycles and a special area for a car wash.

“We view Urbon in Nona as the top choice of accommodation for those looking for high quality living and luxury amenities in the area,” said Cornerstone’s vice president of development. Pablo Lopez… “[This] a construction loan will help us continue this project as we hope to complete construction on time to meet the needs of those looking for housing in this submarket. ”

The hotel’s location in southeastern Orlando places it in a growing part of the city that is close to Orlando International Airportas well as many medical offices and campuses and employment drivers such as University of Central Floridaextensive medical campuses and related facilities, Children’s Hospital Nemours, Orlando, Virginia Medical Center, a University of Florida Research and Academic Center at Lake Nona, among other things.

The Lake Nona area is also where Disney announced in July that it It has planned a new regional campus for over 2,000 employees that he will move from California.

Mac Burke can be reached at: mburke@commercialobserver.com

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