Miami and New York City-based investment, development, and asset management firm Property Markets Group (PMG), alongside partner Raven Capital Management (Raven) has announced the securing of a $120 million construction loan for their 825,000-square foot – 26-story Society Orlando mixed-use project located at 434 North Orange Avenue in Downtown Orlando. The loan is being provided to continue phase one of the development of the project, which broke ground in 2020. Funds are being provided by an entity managed by Los Angeles-based CIM Group.
Society Orlando. Designed by Baker Barrios.
Society Orlando. Designed by Baker Barrios.
“Downtown Orlando has experienced incredible growth and is poised to advance as a major commerce hub in Florida. We are delighted to work with our partners at Raven to continue constructing Society Orlando, a community-focused mixed-use project in Orlando’s Downtown core,” said Ryan Shear, Managing Partner at PMG. “Securing this construction loan underscores the confidence the lending community has in the Society Living portfolio, which is centered around creating vibrant and attainably priced living experiences in the most desirable locations.”
Society Orlando. Designed by Baker Barrios.
“Raven is thrilled to work alongside PMG on the development of Society Orlando. Downtown Orlando in particular is an extremely attractive market, and Society Orlando will fill the demand for reasonably priced and beautifully designed rental communities in the heart of Downtown,” said James Masciello, Principal and Portfolio Manager at Raven.
Society Orlando. Designed by Baker Barrios.
YIMBY last visited the construction site of Society Orlando in late July 2021.
Society Orlando. Photo by Oscar Nunez – Skyalign.
The development is expected to yield 484 dwelling units within the first phase and 223 units within the second phase, totaling 707 rental apartments when combined. When complete, PMG will be marketing the project under the Society Living brand. Baker Barrios is listed as the architect.
Moriarty Construction is the general contractor. The cost of construction is said to exceed $170 million.
Society Orlando is now expected to reach completion some time in 2023.
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