Greystone has provided $49,640,200 in HUD-insured financing for the new construction of Gateway Osceola, a 252-unit market-rate multifamily community in Kissimmee, Florida. The financing was led by Landon Snapp together with Muirfield Development, the developer of the property.
The HUD 221(d)(4) loan provides construction and permanent financing for the development, which will consist of three four-story residential buildings and a clubhouse on an approximately 12-acre site located at 1941 E. Irlo Bronson Memorial Highway in Osceola County. The community will offer a mix of one-, two-and three-bedroom apartments.
Apartments will feature quartz countertops, stainless steel appliances and soft-close cabinetry, along with private garages. Amenities include a clubhouse with a co-working space, sunken lounge and music room, a pool with cabanas, a standalone fitness center, a dog park and a walking trail around the property's lake. The property is located near major transportation routes, employment centers and the NeoCity technology district, which continues to attract investment and development activity to the region. BBL Building Company is serving as general contractor and Carr Architecture & Land Planning as architect.
“Greystone is pleased to partner with Muirfield Development to support the development of Gateway Osceola,” said Landon Snapp of Greystone. “This financing demonstrates the value of HUD’s 221(d)(4) program in supporting new multifamily development by providing a long-term, stable financing solution.”
“Greystone’s team worked closely with us through a complex HUD process, and they were instrumental in its execution. The 221(d)(4) program gives the project the certainty of fixed-rate, long-term financing from construction through the full permanent term,” said Michael Corso, Partner at Muirfield Development. “We’re pleased with the execution as construction gets underway, and we thank Osceola County’s leadership and staff for their support through the entitlement and permitting process.”