MIAMI, FL - Centennial Bank recently closed a $68 million deal with Unicorp National Developments, Inc., one of the fastest-growing, retail and mixed-use developers in the country. The customer-focused community bank arranged the loan for the construction of The Bentley, a 396-unit luxury apartment tower, which will be included in the $1 billion mixed-use development, O-Town West.
O-Town West will be a multi-phase, live-work epicenter delivering single-family homes, apartments, Publix-anchored retail, and office space. The Bentley will be one of the first phases of the master-planned development, in addition to Town Center. Located in the Dr. Phillips area, one of the most vibrant submarkets in Orlando, the project will be directly accessible via new exits being added from Interstate 4.
According to an independent market study conducted by Centennial Bank in Central Florida, the absorption rate for rental units in the area is 20 per month, or 240 per year, with a strong vacancy rate of just five percent. This signals a need for new inventory, especially following the population growth experienced in Orlando last year. Luxury multifamily properties have maintained steady performance in Central Florida, despite the pandemic. The Bentley will cater to the corporate employees in the immediate surroundings, including those that work at Advent Health, as well as families following the delivery of a nearby Middle School and High School.
The Bentley’s on-site amenity programming will include a resort-style swimming pool with jacuzzi, resident lounge with a coffee bar, a social area featuring billiards and arcade games, a theater room, entertainment lanai with HDTV, ZEN garden with hanging moon chairs and water features, outdoor walking trail, a firepit, 24-hour fitness center with TRX and yoga studio, a conference room, bike rentals, outdoor gaming areas offering cornhole, Jenga and putting green, and electric car charging stations.
Centennial Bank has established a six-year relationship with builder Unicorp National Developments, Inc., providing financing for some of the region’s largest developments, including the luxury Venetian Isle apartment complex in Windermere and the more than 100,000-square-foot retail development Celebration Pointe. To date, the bank has financed more than $149 million for the company’s commercial real estate projects.