MIAMI, FL - JLL Capital Markets announced today that it has arranged $35 million in construction financing for the development of Solamar Kissimmee, a 210-unit, build-to-rent townhome community located in Kissimmee, Florida.
JLL worked on behalf of the borrower, Old Vineland Road LLC, to secure a three-year, non-recourse loan through a New York City-based debt fund. Agador Spartacus Development is developing Solamar Kissimmee on behalf of a joint venture between Trusot’s real estate division and T.D.G Enterprise, two multi-national real estate investment companies with holdings in Mexico and the United States.
Once completed, Solamar Kissimmee will feature two- and three-bedroom units housed in more than 35 buildings, with six attached one- and two-story housing types offering semi-private backyards. The property will benefit from a robust amenities package, including a resort-style swimming pool, a spacious sun deck with private cabanas, a professional fitness studio with on-demand spinning classes, two dog parks, BBQ pit areas and a Class A clubhouse.
Located right off US Highway 192 (67,000 VPD), the property is strategically positioned 10-minutes from NeoCity, a 500-acre master-planned technology district that is set to become a global center for smart sensors, photonics, nano technology research and development and big data/predictive analysis. Additionally, the property is within a 10-minute drive of Walt Disney World and a 20-minute drive from Orlando International Airport.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Max La Cava, Brian Gaswirth and Drew Jennewein.
“With north of $80 billion raised to acquire or develop single-family rental assets, the build-to-rent sector is quickly establishing itself as a major asset class and experiencing a growth trajectory comparable to that of the apartment sector during the 1990s and 2000s,” La Cava said. “Lenders were attracted to Solamar Kissimmee given the property’s low-density layout, which is sought after by tenants, the market’s robust fundamentals characterized by population and employment growth and the major institutional appetite to acquire BTR assets offering a clear path towards an exit strategy.”