Winter Park-based MMI Development is talking with several local banks for a construction loan to cover up to 75 percent of its $38 million budget for Marden Ridge Apartments, a 272-unit project planned near the new Florida Hospital Apopka, an advisor to the firm told GrowthSpotter.
The Apopka City Council approved a preliminary site plan Wednesday for the first phase of Marden Ridge Apartments, set for a 42-acre parcel on Marden Road roughly a mile away from the new $203 million-Florida Hospital Apopka site.
The apartment complex, which should break ground in the fourth quarter of this year, is being paced to begin delivering units around the same time the hospital opens in Spring 2017. It will be marketed to future hospital employees.
Project financing will consist of roughly one-fourth developer equity and 75 percent construction lending, said Angel de la Portilla, governmental consultant for Central Florida Strategies, an advisor to MMI Development.
MMI has used Wells Fargo Bank in the past for construction loans, said de la Portilla, but is currently still negotiating with multiple banks for the Marden Ridge financing.
MMI first acquired the 42-acre parcel in December 2008 for $2.2 million from Centex Homes (via affiliate Emerson Point Assoc Lllp). In September 2014 it completed the purchase of two neighboring parcels that total 72 acres on Marden Road from Centex for $2 million (via Emerson Point Phase II LLC).
MMI teamed with Walker and Forum in Apopka because both were involved in the company's Windermere Cay apartment project in Winter Garden in 2013 and 2014. That was a model identical to the new Marden Ridge project, and both firms have had their hand in projects totaling more than 20,000 multi-family units in the market, de la Portilla said.
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