PCCP Provides Loan for Refinance of a High-Rise Multifamily Building
October 7, 2019
NEW YORK, NY – PCCP, LLC announced today it has provided a $76 million loan to Northland Investment Corporation for the refinance of Paramount on Lake Eola, a 313-unit, 16-story multifamily building with 45,510 square feet of ground floor retail anchored by a Publix supermarket in downtown Orlando, FL. Northland Investment Corporation is a Massachusetts-based owner/operator with a current portfolio of 31 assets in Florida totaling over 8,000 units.
Located at 415 E Pine St., the property offers 14 unique floor plans, averaging 1,139 square feet and featuring floor-to-ceiling windows, lake/city views, washer and dryers, and condo-quality finishes. The property offers an on-site supermarket, secured parking, a resort-style pool area, grilling stations, and a fitness center.
“PCCP saw this as an attractive opportunity to lend to Northland Investment Corporation, an experienced multifamily owner and operator, on a Class A asset in a prime downtown Orlando location,” said Ryan Dodge, vice president with PCCP. “PCCP’s loan will also enable Northland to continue its value enhancement strategy by making high-end upgrades to the interior units and renovations to common areas, lobbies, resident lounge area and fitness center.”
The property, which offers spectacular views of Lake Eola and is proximate to the only Publix supermarket in the area, is situated within the Thornton Park micro-market, downtown Orlando’s top residential location. Paramount on Lake Eola provides a walkable, yet urban environment that is near the central business district and retail/dining along Orange Avenue, which is just a few blocks away. Additionally, just steps from the property is Lake Eola Park, which offers residents a weekly farmer’s market, numerous festivals and a 0.9-mile walking path around the lake’s perimeter. The property also benefits from excellent access to Florida’s extensive artery of roadways including Interstate 4 (1.0 mile) and the East West Expressway/SR 408 (1.2 miles).
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