Sanford’s Elan Towne Center Receives Financing

Elan Towne Center

One of the newest apartment communities in the Sanford submarket in Central Florida, Elan Towne Center, has received a $41.2 million loan. Walker & Dunlop arranged the transaction. The loan was structured with a 15-year term and closed in 30 days due to the relationship with a long time borrower and overall coordination by the Walker & Dunlop team.

Built in 2014, the Class A multifamily property incorporates 360 luxury apartments, surrounded by an array of upscale shopping, dining and entertainment destinations. The community is situated in close proximity to the Central Florida Zoo, Sanford Marina, and Timacuan Golf Course. Amenities include a cyber café and a coffee bar, club room with games and home cinema, private detached garages and a dog park. Units are available in multiple layouts, with up to three bedrooms and two baths.

The property was 80 percent leased at the time of closing. Since then however, it has received significant interest, reaching an occupancy level in excess of 90 percent.

Photo credit: Greystar