US$19 million construction loan granted for 134-unit Ethos multifamily development in Portland, Orlando
The 134-unit Ethos multi-family development in Portland, Orlando is set to benefit from a US$19 million build-to-lease loan. The loan was provided by Parkview Financial to the project developer, Ethos Development.
The site for the seven-story construction project is at 1835 N Flint Avenue in Portland, Orlando. In December 2020, Ethos acquired the 0.36 acre site and obtained development rights. However, Ethos sold part of the property to Montgomery Street Partners (MSP). The organization offers land leases and has offices in Dallas and New York, for its fair market value.
The income from the sale, which represents 38% of the capital, will be used to pay construction expenses. Ethos Commercial Advisors (ECA) provided the financial framework.
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Overview of the 134-unit Ethos multi-family development in Portland
The 134-unit Ethos multifamily development is the first such project in the Portland area and Parkview’s third execution with MSP. It includes four one-bedroom apartments, three of which will be living/working units, in addition to 19 two-bedroom units, one of which will be a living/working unit. Additionally, there will be five three-bedroom units and 106 studios, 42 of which will be 356-square-foot micro-units. All of these are expected to take up 86,657 square feet of space.
The apartments will have high quality finishes, such as wood cabinetry, solid surface quartz countertops, plank flooring and black appliance sets. In addition, all units will have stacked washers and dryers, with the exception of micro units. The property will provide residents with secure access, on-site management and parcel lockers. In addition, a fitness room, coworking spaces with common access, a community hall, an outdoor courtyard with a sauna and a large bicycle room.
About project localization
Parkview saw this as an advantageous opportunity to provide financing for the construction of this excellent multi-family building. The location is in a former infill neighborhood where there is considerable demand from local tenants for new items.
The Greater Portland area has seen an increase in population in recent years. This area of Portland was once mostly industrial, but has recently transformed into an area dominated by people who work in the creative industries.