ORLANDO, FL - The Allen Morris Company, one of the largest diversified real estate firms in the Southeast, today announced that it has secured $66M in financing provided by SunTrust Bank and Santander Bank, via a syndicate led by SunTrust Robinson Humphrey, for the Creative Village Parcel M Apartments in Downtown Orlando, its $108M co-development with Ustler Development, Inc.
The new development will consist of a Class A, 14-story, 409-unit market rate apartment project located across the street from the new University of Central Florida (UCF) Downtown and Valencia Downtown Campus in Orlando, Florida. The new campus is slated to open in August 2019 with more than 8,000 students, faculty, and staff.
Equity was provided by affiliates of The Allen Morris Company and Ustler Development, Inc. and an equity partner was arranged by Walker & Dunlop.
“We’re delighted to secure financing for this inspiring project that will truly become the future of Downtown Orlando,” said W. Allen Morris, chairman and CEO of The Allen Morris Company. “We seek to develop projects that add value to the community and its residents, and with Orlando’s dynamic economic boom and the new UCF/Valencia Downtown Campus, the timing was perfect for an innovative approach to market-rate housing with great amenities that meets the needs of the current and future students, faculty and other residents of Downtown Orlando.”
“We have put together a great team for this project and it is the first market-rate apartment building at Creative Village. The financing arranged by SunTrust represents a significant commitment to the economic development of Downtown Orlando,” said Craig Ustler, president of Ustler Development, Inc.
Designed by architect Baker Barrios and with Brasfield & Gorrie as general contractor, residents of the cutting-edge development will enjoy an array of features and amenities including indoor and outdoor socialization areas, rooftop swimming pool, amenity deck, integrated parking garage, 2.5 acre Central Park across the street, clubhouse and fitness center as well as dog wash. With the unique needs of UCF and Valencia student residents in mind, Creative Village Parcel M will additionally feature approximately 1,000-square-feet of collaboration space on each residential floor in addition to co-working/conference room space.
“This cutting-edge development is located in the heart of Orlando, making it an ideal community for students and UCF employees. Orlando is a thriving city, and Creative Village represents an investment for continued growth for our diverse economy,” said Sandy Hostetter, Orlando Market president for SunTrust.
Celebrating Orlando’s booming digital media industry and situated on the former site of the Amway Arena in Downtown Orlando, Creative Village Parcel M Apartments is part of the overall Creative Village that will be a 68-acre mixed-use and transit-oriented community and the home to the area’s diverse mix of leading high-tech and digital corporations and to UCF Downtown and Valencia Downtown Campus’ students, employees and residents, once complete.
Development of the overall project will span across several phases, with Phase I currently underway and representing a total investment value of over $625M. Upon development and build out of the entire project, total vertical development value is estimated in excess of $1 billion.
The Creative Village Parcel M Apartments has a total estimated project value of $108 million and will be completed in mid-2020. The 1.6 acre site was acquired by the development entity from the City of Orlando on November 27, 2018.
About The Allen Morris Company: The Allen Morris Company is one of the largest real estate firms in the Southeast U.S. specializing in commercial, multi-family residential and mixed-use developments, leasing and brokerage as well as property management. With offices in Miami, Coral Gables, Fort Lauderdale, Orlando, Jacksonville and Atlanta, The Allen Morris Company has served its business and investment clients for 60 years. For more information, please visit www.allenmorris.com.
About SunTrust Banks, Inc. SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of September 30, 2018, SunTrust had total assets of $211 billion and total deposits of $160 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services.
About Ustler Development, Inc. Ustler Development, Inc. and the Ustler Group of Companies consist of various commercial real estate development, brokerage, ownership, management and investment entities. Ustler has developed numerous projects in Downtown Orlando collectively valued at over $300 million. The Ustler Group focuses on Downtown Orlando and has completed projects including residential condos, multifamily, office, retail and hospitality. In addition to being the sponsor and co-developer of the Creative Village Parcel M Apartments, Ustler also leads the master development team for Creative Village and is developing the adjacent Creative Village Student Housing Project.