Orlando Mixed-Income Development Secures Financing
An affordable housing team has secured more than $36 million in financing to develop a large mixed-income housing development in Orlando, Fla.
SunTrust Community Capital is providing $22.8 million in LIHTC equity.
The transaction is an important step in allowing LIFT Orlando, in partnership with developer Columbia Residential, to build the 200-unit complex, which will feature 160 affordable homes.
The development, which will be located near Camping World Stadium, home of the Citrus Bowl, will be named Pendana at West Lakes. Features will include state-of-the-art, energy-efficient apartment units, a pedestrian-friendly design integrated into the existing neighborhood, and amenities such as a pool, playgrounds, a fitness center, a business center, and community rooms.