August 11, 2020 (Cleveland, Ohio) – The Millennia Companies® (Millennia) is pleased to announce that it has closed on $72 million in financing for the acquisition and renovation of 256-units of affordable apartments at Jernigan Gardens, formerly known as Windsor Cove, in Orlando, Florida. The rehabilitation project includes a comprehensive remodel of the apartment complex and grounds located at 1488 Mercy Drive.
Located on 16.8 acres, the complex currently consists of 28 residential buildings, a management office and separate buildings for laundry and maintenance. Upon completion, Jernigan Gardens will offer updated two- and three-bedroom apartments, a new community center with amenities, two laundry buildings, an extended playground, enhanced security features and significant upgrades to the heating, cooling, mechanical and electrical systems.
Designed to build community, the area outside the community center will have seating with a trellis and a patio. Inside the center, residents will find modern amenities such as a fitness room and computer lab. The space is designed to support a robust resident services program and allow for resident-hosted events.
Among the improvements for the exterior of the buildings are new windows and doors, roof shingles, trim, landscaping, and stairways, as needed. Planned interior renovations include new high-efficiency heating and cooling systems, energy-efficient appliances, and eco-friendly materials for countertops and cabinets.
“We are grateful to our partners for helping us to complete this important transaction that preserves much-needed affordable housing resources in Orlando. The transformation of this community will have a significant impact on the lives of the residents who will have a vibrant, modern, affordable home in which to thrive,” says Millennia Chief Executive Officer Frank T. Sinito.
Construction is scheduled to begin this month, and renovations are expected to be completed in Spring 2022. Vacant buildings will be renovated first so that each household will move into a renovated apartment as the construction is completed in phases. At Jernigan Gardens, apartments will be available for rent to those who earn at or below 30 percent of the area median income (AMI). This housing opportunity will remain affordable into the future as the rents are subsidized for at least 20 years by a federal Project-Based Section 8 contract.
Support for this complex transaction includes financing and resources from the following: Berkadia Commercial Mortgage (lender), RBC Community Investment (syndicator), Orange Country Housing Finance Authority (Bond Issuer), Florida Housing Finance Corporation (Tax Credit Issuer) and Seltzer Management Group (Underwriter), HUD Jacksonville Field Office and the City of Orlando. Also engaged in this project are NEI General Contracting (general contractor) and Dimit Architects (architecture firm). Millennia Housing Development, Ltd. is the developer, and Millennia Housing Management, Ltd. is the management agent.
Read more in Affordable Housing Finance.