NEW YORK, NY – PCCP, LLC announced today it has provided a $76 million loan to Northland Investment Corporation for the refinance of Paramount on Lake Eola, a 313-unit, 16-story multifamily building with 45,510 square feet of ground floor retail anchored by a Publix supermarket in downtown Orlando, FL. Northland Investment Corporation is a Massachusetts-based owner/operator with a current portfolio of 31 assets in Florida totaling over 8,000 units.
Located at 415 E Pine St., the property offers 14 unique floor plans, averaging 1,139 square feet and featuring floor-to-ceiling windows, lake/city views, washer and dryers, and condo-quality finishes. The property offers an on-site supermarket, secured parking, a resort-style pool area, grilling stations, and a fitness center.
“PCCP saw this as an attractive opportunity to lend to Northland Investment Corporation, an experienced multifamily owner and operator, on a Class A asset in a prime downtown Orlando location,” said Ryan Dodge, vice president with PCCP. “PCCP’s loan will also enable Northland to continue its value enhancement strategy by making high-end upgrades to the interior units and renovations to common areas, lobbies, resident lounge area and fitness center.”
The property, which offers spectacular views of Lake Eola and is proximate to the only Publix supermarket in the area, is situated within the Thornton Park micro-market, downtown Orlando’s top residential location. Paramount on Lake Eola provides a walkable, yet urban environment that is near the central business district and retail/dining along Orange Avenue, which is just a few blocks away. Additionally, just steps from the property is Lake Eola Park, which offers residents a weekly farmer’s market, numerous festivals and a 0.9-mile walking path around the lake’s perimeter. The property also benefits from excellent access to Florida’s extensive artery of roadways including Interstate 4 (1.0 mile) and the East West Expressway/SR 408 (1.2 miles).
About PCCP, LLC: PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $9.9 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 21-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has successfully committed $20.5 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com
About Northland Investment Corporation: Northland Investment Corporation is a real estate private equity firm with $5.5 billion of assets under management, including more than 25,000 residential units and 2.5 million square feet of commercial space, and $4 billion of development in progress. Northland’s core competency is the acquisition, development, long-term ownership, and management of multifamily and mixed-use assets. The firm currently owns and manages properties across the country with significant concentrations in New England, Austin, the Southwestern United States, and Florida. Northland was named to the 2019 National Multifamily Housing Council’s (NMHC) list of Top 50 Largest Apartment Owners and to the 2020 Multifamily Leaderships’ list of Best Places to Work in Multifamily.