McKinley Secures Long-Term Financing for Two Generational Multifamily Platform Communities in FloridaAugust 22, 2017
Orlando, Florida - The McKinley Companies announced today the closing of $42 million in long-term financings with Fannie Mae originated by Key Bank on two Multifamily communities located in Orlando and Winter Park, Florida. Amalfi Universal Orlando, a 252-unit community, and Serena Winter Park, a 120-unit community, are two recent Multifamily investments McKinley acquired in 2016.
"We are thrilled to lock up long term debt on both of these assets in this continued favorable interest rate environment. We secured 15-year fixed rate term financing very early in the life of these investments given the excellent lease-up success," offered Jim Willett, McKinley's Senior Vice President and Managing Director Finance. "We have a very large pipeline of over $150 million in 15 year fixed rate debt in process with Fannie Mae and Key Bank as part of our effort to lock up all of our remaining acquisition debt, all of which will be closed by early Q4 of this year," added Willett.
McKinley and Key Bank have had an extraordinary long term relationship now spanning over 20 years. Key Bank has provided acquisition and renovation financing, bridge and gap financing, lines of credit, and long term capital markets access including CTL, CMBS, HUD, and Fannie Mae financings in support of McKinley’s efforts over the years. "We are excited to execute this next leg of locking up long term debt for our generational Multifamily platform. Over 90% of our debt is now locked up with 35-year fixed rate financing closed at historical low rates over the past 5 years, and this next tranche of 15-year fixed rate financing will be equally accretive to our balance sheet and long term asset value as well. Our very good friends at Key Bank have done a superb job with this effort, and we are thrilled with the outcome," added Willett.
Winter Park and the Southwest Orlando Theme Park market, are core investment markets for McKinley. McKinley has actively invested in Central Florida since 1982, and it is the largest Multifamily Owner/Operator along the Interstate-4 Corridor with communities located in Daytona Beach, Winter Park, Orlando, Gainesville, Hyde Park/Downtown Tampa, Clearwater, and the barrier islands of Hillsborough County including Gulfport, South Pasadena and North Redington Beach. "Our people and our leaders in Central Florida make the entire difference in everything we are doing," offered Albert M. Berriz, McKinley's CEO, Co-Owner and Managing Member, "It’s really that simple, we have extraordinary leadership that "live and work" on the ground in Central Florida with Erin Foley, Brent Boyette, Jason Schaller and Mary Williams. They have allowed us to grow and expand our efforts in this most promising market, and they are creating endless opportunities for themselves and our people. We have a very bright future along the Interstate-4 Corridor, it is without question our fastest growing market, and we have our people and our leadership to thank for that because they are absolutely extraordinary!" added Berriz.