Walker & Dunlop has locked in a $56.7 million refinance for Urbon @ Nona, a 360-unit, garden-style apartment community in Orlando’s Moss Lake and Lake Nona submarket. The loan, issued by Fannie Mae on behalf of owner Cornerstone Group, replaces the property’s earlier construction debt and keeps the asset on agency-backed financing. Opened in 2022, Urbon at Nona leans heavily on its multi-acre lake and resort-style amenities to stand out in the crowded multifamily field.
Deal details and lender
According to Yield PRO, Walker & Dunlop’s Capital Markets Real Estate Finance team, led by Allan Edelson, Jim Murphy, Jeremy Seid, Joe Tarantino and George Ferrer, arranged the $56.7 million refinance. Fannie Mae provided the financing on behalf of Cornerstone Group. The announcement kept some details close to the vest, with no disclosure of the loan’s interest rate or maturity.
Property snapshot
Urbon Lifestyle materials show the community includes 360 units spread across 21 garden-style buildings. Residents get a resort-style pool, fitness and yoga spaces, clubhouse, coworking areas, pickleball courts, and walking trails that wrap a roughly 12-acre lake. The leasing pages list an address on Moss Preserve Parkway and offer one- to three-bedroom floorplans. Developer Brookstone Development also points to the property’s proximity to major employment hubs around Lake Nona as a key selling point.
From construction debt to agency capital
The new financing follows the project’s construction-era capital stack. In 2021, Synovus Bank provided an approximately $45 million construction loan, as reported by Commercial Observer. Builder RB Kennedy documents on-site work through 2022 and into 2023 in its project gallery. That path, starting with construction debt and moving to an agency term loan once the property stabilizes, is a familiar playbook for garden-style suburban multifamily developments.
Why Lake Nona?
Developers say Lake Nona’s growth, anchored by Lake Nona Medical City, Orlando International Airport, and a wave of new corporate campuses, has kept demand strong for newer multifamily inventory. Brookstone’s project page underscores walkable trails and access to employment centers as core features of the Urbon offering. That combination of location and amenity firepower likely helped position the community as an attractive candidate for agency financing.
What it means for the market
Agency lenders continue to put long-term loans on high-quality, recently built multifamily properties, and intermediaries like Walker & Dunlop are in the middle of many of those deals. The firm’s own news releases show it has closed several large Freddie Mac and other agency refinancings across multiple markets in recent months, including a sizable portfolio refinance last year. In that context, the Urbon transaction fits a broader market push to back suburban, amenity-rich product with agency capital…