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Astoria at Celebration
$44,000,000 Perm Acquisition Financing
Celebration, FL | May 2021
Thorofare Capital has funded a core-plus, institutional loan for the acquisition of Astoria at Celebration, a luxury multifamily community in the Walt Disney Company-developed town of Celebration, Florida.
The fixed-rate loan closed in just 30 days from signed application to funding.
With access to Celebration’s vibrant downtown district, which includes fine dining, entertainment, shopping, seasonal festivities and proximity to America’s most acclaimed amusement park, the property benefits from a near-stabilized occupancy profile and offers many upscale features for its tenants.
Astoria at Celebration is located in the Kissimmee / Osceola County sub-market, which boasts over 95% occupancy and has demonstrated substantial population growth and market rent growth over the past decade, with additional significant net positive migration forecasted for the near-term.
Thorofare provides a non-recourse permanent loan that carries an initial term of 7 years and features a by-right extension option subject to a Loan To Value, Debt Yield and DSCR performance test. The loan offers a competitive interest-only period followed by 30-year amortization and features a flexible yield maintenance structure with a prepayment fee step-down.
The sponsor is a Southern California-based, private real estate investment and management firm that owns over 30 properties across 20 states.