FCP Secures $16.7M for Multifamily Project in Lake Nona
FCP Closes $16.7 Million for Royal Palm at Nona Development
FCP has announced a significant milestone by closing a $16.7 million preferred equity investment aimed at financing the Royal Palm at Nona project. This 320-unit, Class A multifamily development is set to rise in a rapidly growing submarket. The development is spearheaded by Royal Palm Companies, a reputable firm known for delivering high-quality residential properties.
Overview of the Project
This ambitious project will be located at 14630 New Creek Avenue and is strategically positioned adjacent to one of the region's most dynamic locales. With the increasing demand for residential spaces in this thriving environment, Royal Palm at Nona aims to meet the needs of prospective residents seeking modern living options in a vibrant community.
The Vision Behind the Development
Bruce Gago, head of FCP's Florida office, expressed enthusiasm for this investment, noting that Lake Nona exemplifies the type of submarket that offers long-term investment potential. He emphasized FCP's commitment to deploying capital effectively in areas poised for growth.
Community Benefits and Strategic Importance
FCP’s investment illustrates its strategy to provide flexible funding to established sponsors like Royal Palm Companies, which are committed to creating in-demand housing in regions that face supply constraints. The proximity of this development to key infrastructure, including the Central Florida Greenway, Florida's Turnpike, and Orlando International Airport, will cater to the growing interest from residents and businesses alike.
High-Quality Living in Dynamic Neighborhoods
Billy Herbert from FCP's development team highlighted that Royal Palm at Nona will not only provide modern amenities but will set a new standard for luxury living in one of the area’s most innovative communities. The project's design reflects a combination of luxury and functionality, which is intended to enhance the living experience for its future residents.
Commitment to Sustainability
Dan Kodsi, the CEO of Royal Palm Companies, reinforced the project’s purpose by explaining how it embodies a commitment to high-quality living spaces. This development will promote community growth while integrating sustainable living practices that are essential in today's context. By blending modern design with luxurious amenities, the project aims to elevate the lifestyle of its residents.
Appreciation for Collaborative Efforts
FCP and Royal Palm Companies have expressed gratitude towards Patrick Dufour and Scott Ramey of Newmark Florida for their instrumental role in arranging this pivotal transaction. Their expertise played a critical role in facilitating this partnership.
About FCP
FCP is a privately held real estate investment firm that has executed investments exceeding $13.1 billion since its inception in 1999. The company specializes in commercial and residential assets, making strategic equity investments aimed at enhancing income-producing properties. Headquartered in Maryland, FCP is committed to exploring significant real estate markets across the United States.
About Royal Palm Companies
Royal Palm Companies has been a notable player in real estate development for over 40 years, specializing in transformative projects that elevate urban and suburban living. With a portfolio that includes more than 9,500 units and a total asset value over $4.7 billion, the firm is recognized for its focus on innovation and sustainability. Under Dan Kodsi's leadership, Royal Palm seeks to redefine living spaces through thoughtful design and development.
Frequently Asked Questions
What is the Royal Palm at Nona project?
The Royal Palm at Nona is a 320-unit, Class A multifamily development aimed at providing modern living options in a growing submarket.
Who is behind the development of the project?
The project is developed by Royal Palm Companies, a well-regarded firm known for its commitment to quality residential communities.
What is the total investment amount for this development?
FCP has closed a preferred equity investment of $16.7 million for the Royal Palm at Nona project.
What makes Lake Nona a strategic location for development?
Lake Nona is recognized for its rapid growth, proximity to essential transportation hubs, and increasing demand for quality housing.
How does FCP support its development partners?
FCP provides flexible and strategic capital to experienced sponsors to facilitate the creation of in-demand housing in competitive markets.
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