Anchor Loans provided $58.5M construction loan for two Deltona BTR projects
Agador Spartacus closed the financing for 153 homes at Magnolia Cottages and 126 at Magnolia Villas, Connect CRE reported.
At a glance
Agador Spartacus closed a $58.5 million construction loan from Anchor Loans for two build-to-rent communities on adjacent parcels in Deltona, Florida, Connect CRE reported.
The financing splits into roughly $30.2 million for Magnolia Cottages at Deltona, a 153-home community, and $28.3 million for Magnolia Villas at Deltona, 126 homes.
Agador Spartacus closed a $58.5 million construction loan from Anchor Loans for two build-to-rent communities on adjacent parcels in Deltona, Florida, Connect CRE reported.
The financing splits into roughly $30.2 million for Magnolia Cottages at Deltona, a 153-home community, and $28.3 million for Magnolia Villas at Deltona, 126 homes. Combined the two projects add 279 rental homes, a mix of cottages, duplexes and townhomes, with dog parks and clubhouse amenities planned at both.
Per home, the loan runs about $197,000 at Magnolia Cottages and $225,000 at Magnolia Villas, or roughly $210,000 across the 279 units. That arithmetic is derived from the two project-level figures in the Connect CRE report, not figures the lender disclosed.
Anchor previously financed Agador's Magnolia at Lake Hamilton in Winter Haven with a $35.4 million multifamily loan and Lake Ella Estates in Lady Lake with $36.8 million for a 132-home build-to-rent community. Deltona sits between Orlando and Daytona Beach, and the report cites access to Central Florida employment centers, including the nearby Howland Job Zone, home to healthcare, logistics and retail employers.
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