CBRE Plays Dual Role In Sale And Financing Of Glenn Apartments In Orlando

Jan 27, 2019 No Comments by

CBRE arranged the sale and financing of The Glenn, a 396-unit multifamily property in Orlando. The property, located at 10801 Heather Ridge Circle, was purchased by Horizon Realty Advisors LLC out of Seattle.

The seller, Insula Properties out of Sarasota, was represented by CBRE’s Shelton Granade, Luke Wickham and Justin Basquill. The CBRE Debt & Structured Finance team of Ben Roelke and Ian Walker secured long-term financing on behalf of the buyer. The 7-year, fixed-rate loan was provided by CBRE through Freddie Mac and featured a rate lock at application along with a low 4.34% interest rate and full-term interest-only payments.

 

“The Glenn Apartments has incredible drive-by visibility of more than 67,000 cars per day,” said Shelton Granade, Vice Chairman at CBRE. “With more than $10 million in exterior upgrades in the last five years, The Glenn shows like a new asset and still has tremendous upside potential. This sale is a testament to the strength of the Orlando multifamily market.”

The property is located within minutes of some of the metro’s biggest demand drivers, including Lockheed Martin, Boeing, Siemens, Northrup Grumman, and the University of Central Florida. CBRE’s Florida Multifamily Team has closed more than $10 billion worth of apartment sales in recent years on Central Florida.

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Industrial, Industry News, Multi-Family, NA
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