PCCP, LLC has provided a $67.8 million loan to Fore Property Company for the ground-up development of Parkway Crossings, a Class A, 309-unit multifamily community in Kissimmee, Florida. The six-acre site is situated near the corner of Orange Avenue and Osceola Parkway and is approximately 20 miles south of downtown Orlando. Construction is now underway with completion anticipated for 2025.
Parkway Crossings will be a four-story elevatored community with an approximately 570-space parking garage. The unit mix will include a studios (5.2 percent of total), one-bedrooms (46.9 percent of total), two-bedrooms (43 percent of total), and three bedrooms (4.9 percent of total) with an average unit size of 939 square feet. Additionally, it will feature top-of-market amenities including a tenant clubhouse, a 24-hour fitness center, an outdoor BBQ area, a pool and lounge area, a dog park, and EV chargers. The property is designed to meet LEED Silver standards, and is anticipated to earn the designation once construction is complete. Additionally, unit finishes will consist of quartz countertops, tile backsplashes, luxury vinyl plank flooring, Energy Star stainless steel appliances, in-unit washer/dryers, and a smart home package.
“PCCP is pleased to service an existing client in Fore Property Company and to be a part of an exciting new apartment project located within the high-growth Orlando MSA,” said Andrew Barbakoff, Vice President with PCCP.
The Orlando MSA has been one of the fastest-growing large cities in the country over the past decade, as in- migration from other states and major company relocations continue to establish the region’s status as a significant employment hub. Moreover, the suburb of Kissimmee has experienced significant population and economic growth from the southward expansion of the Orlando MSA, as residents have been searching for affordability with proximity to the major employment hubs south of the city.
Parkway Crossings’ location provides convenient access throughout the region via Osceola Parkway (a major east/west thoroughfare) and the Florida Turnpike (a major north/south thoroughfare). Major regional employers include the University of Central Florida, KPMG, Disney, and the USTA.
Fore Property Company has successfully developed more than 29,000 multifamily residences across approximately 120 communities in 57 cities and 17 states, including 3,307 units in the Orlando MSA. Fore specializes in ground-up construction with a focus on market rate projects, and currently has $1 billion of projects under construction, with another $2 billion in their construction pipeline.
