Mesa West Capital has provided a joint venture led by Onicx Group with a $66.3 million first mortgage loan to refinance a newly constructed multifamily community in Orlando, Florida. The floating-rate loan is secured by Nova at East Park Village, and was originated by Mesa West Capital’s New York-based team led by Vice President Brian Hahn, Executive Director Russell Frahm, and Associate Brad McCarthy.
Completed in August, the property features a mix of one-, two-, and three-bedroom units across three mid-rise residential buildings. The units offer high-end fixtures and finishes, including stainless steel appliances, custom cabinetry, in-unit washer/dryers, and private balconies. Residents also enjoy access to resort-style amenities such as a pool with cabanas and a 24-hour fitness center.
Nova at East Park Village is located in Orlando’s master planned Lake Nona submarket, approximately 12 miles southeast of Downtown Orlando. Lake Nona is known for its highly rated school district, vibrant “live, work, play” lifestyle and numerous dining and shopping options, which have contributed to rising home prices in the area. The submarket also benefits from one of the highest concentrations of medical based employment, anchored by Lake Nona Medical City, which is within a 10-minute drive of the property.
“Strong location and submarket fundamentals have driven robust initial leasing velocity at the property,” said Hahn. “We expect Nova at East Park Village to continue to capture demand for new leases, positioning the property to achieve stabilized occupancy in the next 12–15 months.”
Nova at East Park Village is managed by Orlando-based ZRS Management, which oversees a portfolio of more than 100,000 units throughout the Southeast.
The financing was arranged by JLL‘s Tampa and Miami offices, led by Director Kenny Cutler and Managing Director Jesse Wright.
