McKinley Secures $5,838,000 in Long-term Financings with KeyBank and Fannie Mae for Orlando Boutique Multifamily RedevelopmentMarch 29, 2018
ORLANDO, FLORIDA - The McKinley Companies announced today the closing of $5,838,000 in long-term financings with KeyBank and Fannie Mae for Iris Flats located in Orlando Florida. The 15-year financings were originated by KeyBank, and they represent the next part of an approximately $200 million pipeline in similar financings that McKinley began with KeyBank and Fannie Mae over the past six months.
Iris Flats offers restored industrial style apartment homes with exposed concrete vaulted ceiling and steel wood barn doors in a community with urban charm decorated in iron accents and serenaded in a pop of rich colors. Iris Flats residents enjoy a new fitness center, dog park, and private al fresco dining space in a manicured garden terrace. Iris Flats is located in Englewood Park within walking distance to local parks and lakes, nearby Florida Hospital East Orlando, and a convenient expressway hop to Downtown Orlando.
“The financing of Iris Flats is part of our long-term plan for our generational assets,” offered Jim Willett, Senior Vice President & Managing Director – Finance. “We are setting sail for a long horizon to ensure our owned assets are locked in with great financing in a market with rising interest rates.” further added Willett.
McKinley has owned and operated multifamily apartment communities in Central Florida since 1982, and today is largest Multifamily owner-operator along the highly populated Interstate-4 Corridor between Orlando and Tampa. McKinley currently owns apartment communities in Orlando, Winter Park, Daytona Beach, Gainesville, North Redington Beach, South Pasadena, Clearwater, Gulfport, Hyde Park, South Tampa and Tampa.