Dekel Capital, on behalf of a joint venture led by Los Angeles-based The Latigo Group (TLG) has arranged $82.3 million in non-recourse construction financing for the development of Infield, a 384-unit Class A multifamily community in the Orlando submarket of Kissimmee, FL.
This is the first phase of what is a planned 800-unit development that will be built on a 25-acre development site located on Ball Park Road just off of N. John Young Parkway.
The initial phase will consist of four 5-story and one 4-story closed corridor buildings housing one-, two- and three-bedroom apartment homes. Each home will feature premium finishes and fixtures including quartz countertops, stainless steel appliances, and wood-look plank flooring. Community amenities include a two-story contemporary clubhouse with an extensive fitness and wellness center including a flexible yoga studio, recovery and remedy lounge, sauna, and treatment rooms, and a resort-style pool with cabana daybeds.
This is the second development TLG and the institutional investor involved with Infield have partnered on. In April 2020, Dekel brought the two parties together on a mixed-use development project in Thousand Oaks, CA. During a walk through of that project, Dekel Managing Principal Shlomi Ronen mentioned TLG’s upcoming project in Florida and subsequently arranged for them to tour the development site.
“We’re all about helping our clients forge strong relationships with the lenders and investors who we feel will be strong fits so they can hopefully do multiple deals together,” Ronen said. “Infield is a perfect example of how a strong relationship between the right sponsor and investor can pay dividends on both sides.”
Continuing job growth continues to fuel a migration of new residents to Florida. According to state’s Office of Economic and Demographic Research, an estimated 329,717 new residents settled in Florida between April 2020 and April 2021. The property is well positioned amidst the region’s job centers, including the corporate headquarters for Darden Restaurants and Tupperware, Orlando Health, Advent Health and Osceola Regional Hospital Networks, and Universal Studios, Walt Disney World and Sea World Resorts.