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Crescent Communities scores $50M construction loan for NOVEL-branded community in Seminole County

NOVEL Parkway will feature a mix of for-rent residences, retailers and restaurants.
NOVEL Parkway will feature a mix of for-rent residences, retailers and restaurants. (Crescent Communities)

North Carolina-based Crescent Communities recently scored nearly $50 million in construction financing for another one of its NOVEL-branded multifamily communities in the Metro Orlando submarket.

The real estate company and Heitman Institutional Realty Advisors are teaming up to develop a 325-unit rental community on about 15 acres located southwest of the intersection of International Parkway and Wilson Road, just north of the Wekiva Parkway interchange.

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Plans call for a luxury mixed-use community that blends residential and commercial uses together and is modeled after the neighborhoods seen in Winter Park, Historic Downtown Winter Garden and Historic Downtown Sanford.

The apartment community, NOVEL Parkway, will consist of three- and four-story elevator-served buildings with enclosed conditioned corridors. Units feature as many a three bedrooms.

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Seminole County wants to lure economic growth along its northern I-4 corridor. Not too long ago, the area had many vacant properties west of I-4.

Construction of NOVEL Parkway will be handled by Doster Construction with LRK Inc. acting as lead architect. Madden, Moorhead, & Stokes is the civil engineer. Dix Hite is the landscape architect and CID Design Group is handling interior designs.

Records show Crescent Communities purchased the property last month for $8.5 million. The deal involved two simultaneous transactions between Crescent Communities affiliated companies, Parkway TRS Owners LLC and CC Parkway Owner LLC. Paul V. Mellini, a trustee of the Jeno F. Paulucci Revocable Trust, was the seller.

Wells Fargo is the lender for the $49.67 million construction loan.

In addition to the apartments, the mixed-use community can accommodate up to 13,900 square feet of retail and 29,500 square feet of commercial/office space. According to a company release, the multifamily portion of NOVEL Parkway is slated to be open by late 2022.

The same firm that built Novel Lucerne in Downtown Orlando and Gateway Center in Altamonte Springs has turned its attention to the Lake Nona area.

NOVEL Parkway marks the fifth investment in the Orlando market by Crescent Communities.

Its 260-unit Novel Nona Place apartment complex on Narcoossee Road is planned to feature 25,000 square feet of commercial space in addition to 20 upper-floor live-work units on Narcoossee Road, bringing the total number of dwelling units to 280.

Its $75 million Novel Lucerne mixed-use development in downtown Orlando hosts the downtown area’s first Earth Fare grocer. The mixed-use project, built in 2018, features 375 market-rate apartments with an amenity package that includes a fenced dog park, art gallery and 24-hour fitness center that overlooks a resort-style pool and pool courtyard.

On the commercial side, the company is behind several office parks in Lake Mary and The Gateway Center in Altamonte Springs.

The real estate firm introduced its NOVEL by Crescent Communities brand identity in 2017 for its multifamily communities. The company has a portfolio that consists of more than 68 multifamily communities, 21 million square feet of commercial space and 60 single-family master-planned communities.

Nearby its NOVEL Parkway community, Lake Mary-based Integra Land Co. recently completed its 350-unit Integra Crossings apartment complex. The multifamily units are part of larger plans by the original landowner, which include adding a 240-room hotel and 325,000 square feet of commercial space to the area.

Alliance Residential Company also recently completed a 260-unit apartment community called Broadstone Parkway Apartments on the southwest corner of International Parkway and S.R. 46.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 491-3357, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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