CBRE Investment Management Closes $74.6 Million Mortgage Loan for Multifamily Community in Orlando, Florida

A fund sponsored by CBRE Investment Management closed on a $74.6 million mortgage loan to facilitate TerraCap Management’s acquisition of The Place on Millenia, a 371-unit Class A multifamily community in Orlando, Fla. The floating rate loan has an initial term of four years, can extend up to one additional year and features future funding for the sponsor’s business plan.

The garden-style community is located at 5215 Millenia Boulevard in the South Orlando submarket. Unit features include 9’ ceilings, in-unit washers and dryers, walk-in closets, stainless steel appliances, and quartz countertops. Residents have access to an amenity collection that includes a resort-style pool, a fitness center, a business center, a clubroom with a media center, a billiards room, and a parking garage with gated access.

“Our team was pleased to finance the acquisition of this Class A asset on behalf of a repeat borrower in TerraCap Management,” said Charles Kim, Managing Director for CBRE Investment Management. “This property in Orlando has demonstrated positive leasing activity with existing renovated units generating substantial rent premiums over the last several months. We believe TerraCap will continue the leasing momentum as they renovate additional units at the property and execute on their business plan. This loan is a great addition to our portfolio and we look forward to financing future opportunities with both Newmark and TerraCap.”

The Place on Millenia is located near three major highways: I-4, SR-482 and the Florida Turnpike, providing excellent access to the Orlando CBD (a 20-minute drive), Orlando International Airport (a 25-minute drive) and many of the area’s major employers. The property also provides convenient access to multiple retail centers including the Mall at Millenia, Orlando International Premium Outlets and Parkway Plaza.

Matt Williams and Kyle Schlitt of Newmark arranged the loan on behalf of TerraCap.

About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $133.1 billion in assets under management* as of September 30, 2021, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2020 revenue). CBRE has more than 100,000 employees serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the assets under management, fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.