The Allen Morris Company and Ustler Development, Inc., co-developers of the $108 million Creative Village Parcel M Apartments project, have been granted a $66 million-dollar loan arranged by SunTrust Robinson Humphrey, financed by a syndicate led by SunTrust Bank and Santander Bank.
The new development will consist of a Class A, 14-story, 409-unit market rate apartment project located across the street from the new UCF and Valencia Downtown Campus. The new campus is slated to open in August 2019 with more than 8,000 students, faculty, and staff.
“This cutting-edge development is located in the heart of Orlando, making it an ideal community for students and UCF employees. Orlando is a thriving city, and Creative Village represents an investment for continued growth for our diverse economy,” said Sandy Hostetter, Orlando Market president for SunTrust.
The Creative Village Parcel M Apartments will offer amenities including an integrated parking garage, indoor and outdoor socialization areas, rooftop swimming pool, amenity deck, clubhouse and fitness center, dog wash, and a 2.5 acre Central Park across the street. 1,000 square feet of collaboration space on each residential floor will be available in addition to coworking/conference room space, to serve the UCF and Valencia student residents.
“We’re delighted to secure financing for this inspiring project that will truly become the future of Downtown Orlando,” said W. Allen Morris, chairman and CEO of The Allen Morris Company.
“We seek to develop projects that add value to the community and its residents, and with Orlando’s dynamic economic boom and the new UCF/Valencia Downtown Campus, the timing was perfect for an innovative approach to market-rate housing with great amenities that meets the needs of the current and future students, faculty and other residents of Downtown Orlando.”
“We have put together a great team for this project and it is the first market-rate apartment building at Creative Village. The financing arranged by SunTrust represents a significant commitment to the economic development of Downtown Orlando,” said Craig Ustler, president of Ustler Development, Inc.
Brasfield & Gorrie is the general contractor on the project and the architect is Baker Barrios. The Creative Village Parcel M Apartments are expected to be completed in mid-2020.