An affordable housing team has secured more than $36 million in financing to develop a large mixed-income housing development in Orlando, Fla.
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.
Financing for the project includes a $22.8 million low-income housing tax credit equity investment from SunTrust Community Capital as well as a $7.4 million permanent loan from Valley National Bank. The Florida Housing Finance Corp.’s SAIL program provided a $2 million construction loan. Additional funding was provided by the Orange County Housing Finance Agency, the city of Orlando, and the development partners.
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.
LIFT Orlando is a nonprofit organization founded by a group of local business leaders committed to help solve Orlando’s most pressing social challenges, with a special focus on neighborhoods surrounding the Citrus Bowl stadium. Atlanta-based Columbia Residential is an award-winning developer of affordable housing, with a specialty in mixed-income housing as part of transformational community redevelopment.