The Millennia Companies has closed on $72 million in financing for the acquisition and renovation of 256 affordable apartments at Jernigan Gardens, formerly known as Windsor Cove, in Orlando, Fla. The rehabilitation project includes a comprehensive remodel of the apartment complex and grounds.
Located on 16.8 acres, the development features 28 residential buildings, a community center, and separate buildings for laundry and maintenance. Upon completion, Jernigan Gardens will offer updated two- and three-bedroom apartments, a new community center with amenities, an extended playground, enhanced security features, and significant upgrades to the heating, cooling, mechanical, and electrical systems.
The area outside the community center will have seating with a trellis and a patio. Inside, residents will find modern amenities such as a fitness room and a computer lab. The space is designed to support a robust resident services program and allow for resident-hosted events.
"We are grateful to our partners for helping us to complete this important transaction that preserves much-needed affordable housing resources in Orlando. The transformation of this community will have a significant impact on the lives of the residents who will have a vibrant, modern, affordable home in which to thrive,” says Millennia CEO Frank T. Sinito.
Among the improvements for the exterior of the buildings are new windows and doors, roof shingles, trim, landscaping, and stairways, as needed. Planned interior renovations include new high-efficiency heating and cooling systems, energy-efficient appliances, and eco-friendly materials for countertops and cabinets.
Construction is scheduled to begin this month, and renovations are expected to be completed in spring 2022. Vacant buildings will be renovated first so that each household will move into a renovated apartment as the construction is completed in phases. Apartments will be available for rent to those who earn at or below 30% of the area median income. This housing opportunity will remain affordable into the future as the rents are subsidized for at least 20 years by a federal project-based Section 8 contract.
Support for this complex transaction includes financing and resources from Berkadia Commercial Mortgage (lender), RBC Community Investments (syndicator), Orange Country Housing Finance Authority (bond issuer), Florida Housing Finance Corp. (tax credit issuer), Seltzer Management Group (bond and tax credit underwriters), the Department of Housing and Urban Development’s Jacksonville field office, and the city of Orlando. Also engaged in this project are NEI General Contracting and Dimit Architects. Millennia Housing Development is the developer, and Millennia Housing Management is the management agent.
With a diverse portfolio of over 30,000 apartment homes in 275 communities across 26 states, Millennia ranks No. 3 on the 2020 Affordable Housing Finance (AHF) list of Top 50 Affordable Housing Owners and No. 7 on the AHF list of Top 10 Companies Completing Acquisitions.