Commercial Alliance Group Secures Capital for Oviedo Mixed-Use Project
SANFORD, Fla. -- Commercial Alliance Group, a Central Florida real estate development financial services firm, has arranged the first $1.9 million in financing for a townhome and office/retail project in Oviedo, Fla. The project, preliminarily named Central Ave. Townhomes, is expected to break ground later this year.
The financing is a $910,000 first mortgage provided by CNLBank and a $1 million mezzanine credit facility provided by Commercial Alliance Group.
Commercial Alliance Group is arranging an additional $4.5 million in development and revolving construction financing to complete the capitalization of the $14.5 million project. The additional financing is expected to close later this year.
Central Ave. Townhomes is presently planned for 52 townhomes and 14,500 square feet of office/retail. Commercial Alliance Group Vice President Scott Colon described Central Ave. as, "...a quality development that will provide needed moderately-priced housing to the growing east Seminole County community."
Thomas McNamara is the developer of the project. McNamara is owner of Oviedo-based Southern Design Consultants (www.sdcfl.com) an engineering, development and construction firm. A University of Central Florida alumnus, McNamara has worked on hundreds of projects throughout Florida for the past two decades including Walt Disney World Swan and Dolphin Hotels and the Florida Marlin Spring Training Complex. McNamara also owns Mud Hole Custom Tackle, a large distributor of fishing rod components.
McNamara is proud to bring this project forward. "With busy lifestyles many people prefer the space and convenience that a town home offers," he said. "With pre-construction prices starting in the low 200's for a two-bedroom, two-bathroom, one-car garage town home in Oviedo, I know the project will be well-received."
About Commercial Alliance Group
Commercial Alliance Group, Inc. (www.commercialalliancegroup.com) is an integrated real estate development financial services firm providing capital and consulting services to qualified developers. In addition to being a direct provider of mezzanine debt and equity capital, Commercial Alliance Group, Inc. acts as an agent in the placement of senior capital and provides business, financial, strategic planning services to its real estate developer clientele. The company's mezzanine debt and equity financing products form the platform for investment opportunities available to individual and institutional accredited investors -- an innovation developed by the principals of Commercial Alliance Group. The Sanford, Fla. company serves as the bridge between the real estate development project concept and the capital necessary for the project's success. For more information visit www.commercialalliancegroup.com or call 407-330-3062.
Contacts
Commercial Alliance Group, Sanford
Scott Colon, Vice President, 407-330-3062
Scolon@commercialalliancegroup.com
The financing is a $910,000 first mortgage provided by CNLBank and a $1 million mezzanine credit facility provided by Commercial Alliance Group.
Commercial Alliance Group is arranging an additional $4.5 million in development and revolving construction financing to complete the capitalization of the $14.5 million project. The additional financing is expected to close later this year.
Central Ave. Townhomes is presently planned for 52 townhomes and 14,500 square feet of office/retail. Commercial Alliance Group Vice President Scott Colon described Central Ave. as, "...a quality development that will provide needed moderately-priced housing to the growing east Seminole County community."
Thomas McNamara is the developer of the project. McNamara is owner of Oviedo-based Southern Design Consultants (www.sdcfl.com) an engineering, development and construction firm. A University of Central Florida alumnus, McNamara has worked on hundreds of projects throughout Florida for the past two decades including Walt Disney World Swan and Dolphin Hotels and the Florida Marlin Spring Training Complex. McNamara also owns Mud Hole Custom Tackle, a large distributor of fishing rod components.
McNamara is proud to bring this project forward. "With busy lifestyles many people prefer the space and convenience that a town home offers," he said. "With pre-construction prices starting in the low 200's for a two-bedroom, two-bathroom, one-car garage town home in Oviedo, I know the project will be well-received."
About Commercial Alliance Group
Commercial Alliance Group, Inc. (www.commercialalliancegroup.com) is an integrated real estate development financial services firm providing capital and consulting services to qualified developers. In addition to being a direct provider of mezzanine debt and equity capital, Commercial Alliance Group, Inc. acts as an agent in the placement of senior capital and provides business, financial, strategic planning services to its real estate developer clientele. The company's mezzanine debt and equity financing products form the platform for investment opportunities available to individual and institutional accredited investors -- an innovation developed by the principals of Commercial Alliance Group. The Sanford, Fla. company serves as the bridge between the real estate development project concept and the capital necessary for the project's success. For more information visit www.commercialalliancegroup.com or call 407-330-3062.
Contacts
Commercial Alliance Group, Sanford
Scott Colon, Vice President, 407-330-3062
Scolon@commercialalliancegroup.com
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