Parramore Oaks Phase Two Set to Close on Financing September 30th

Parramore Oaks Phase Two, 91-units, is currently under credit underwriting with the hope of starting construction third quarter of 2021. Construction should be completed in the first quarter of 2023.

The development will be in similar style to Phase I as to the unit and building design. There will be eleven 1-Bedrooms, fifty-eight -2-Bedrooms, and twenty-two 3-Bedrooms. There is a range of income levels including 30, 40, 60, and 80% of AMI.

The architect is Forum Architects, civil engineer is Hamilton Engineering, and General Contractor is First Florida Constructors. The equity provider will be Truist, construction lender Truist, and the permanent loan will be with Churchill Stateside. Financing includes 4% tax credit equity, CDBG-DR Funds, City of Orlando Funds, with bonds from Florida Housing.