Newmark Secures $59 Million Refinancing for Florida Apartment Complex

February 20, 2025 9:00 AM

Newmark announces the firm has facilitated $59 million in total funding to recapitalize The Preserve at Spring Lake, a 320-unit apartment complex in Altamonte Springs, Florida. Newmark President, Capital Markets Strategies Anthony Orso, Executive Managing Director Henry Stimler and Director Ricky Warner arranged the capital stack, which includes a $42 million Freddie Mac fixed-rate loan and a $17 million cash infusion from a new joint venture partner, on behalf of owner GSH Real Estate.

“This transaction enables the client to exit a highly-levered bridge loan originated in 2022 and prioritize maintenance and capital expenditures at the property, while providing the equity partner a preferred return,” said Orso. “The arrangement not only bridged a significant funding gap but also fully paid off the bridge loan, covered closing costs and provided capital to support ongoing business operations.”

Located at 895 Wymore Road in Altamonte Springs, The Preserve at Spring Lake is a pet-friendly community with amenities including in-unit washers and dryers, stainless steel appliances, a fitness center, swimming pool and attached patios.

The three-story property is located just west of Interstate 4 in Altamonte Springs, a northern suburb of Orlando. The area is known for its strong employment base, bolstered by major employers in healthcare, technology and financial services. The property benefits from proximity to the Altamonte Mall, AdventHealth Altamonte Springs and Cranes Roost Park, a popular outdoor destination. With convenient access to downtown Orlando, as well as major transportation corridors, Altamonte Springs continues to attract residents seeking a balance of urban convenience and suburban amenities.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended December 31, 2024, Newmark generated revenues of nearly $2.8 billion. As of December 31, 2024, Newmark and our business partners together operated from approximately 170 offices with more than 8,000 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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