Unicorp Lands $168M Construction Loan for Orlando Apartments
Centennial Bank has closed a $168 million construction loan to launch the next two phases of Glasshouse at O-Town West. Unicorp National Developments is helming the three-building multifamily development located at 11804 Glass House Lane in Orlando. The transaction brought the lender’s cumulative loaning with the developer past the $1 billion mark.
Commercial Edge reports that Phase I of the project comprises more than 300 apartments and is already more than 90 percent occupied. Construction began in 2020 and the property came online last year. That phase is subject to a $93 million loan provided by Goldman Sachs in 2023.
The new phases will add another 591 residences, bringing the total to over 900 homes. Glasshouse is designed as a neighborhood hub, with a 30,000-square-foot clubhouse featuring its own restaurant and delivery service, a Lakehouse built for weekend cookouts, a pool deck with cabanas and Jacuzzis, an Innovation Garden, and even VR gaming for kids and adults.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout