Monday, June 1, 2009

Orlando Business Journal

The Orlando Neighborhood Improvement Corp. acquired a 96-unit apartment complex in Winter Park for $4 million.

ONIC Golden Oaks LLC acquired the Golden Oaks apartments from Golden Oaks Affordable Partners Ltd. and Golden Oaks of Florida LP May 18, according to Orange County records.

Orlando Neighborhood secured a $3.7 million first mortgage through Seattle-based Alliant Capital LLC, a Fannie Mae delegated underwriting and servicing lender, according to a news release. It also received $1 million in federal housing funds from the Orange County Housing and Community Development Division plus additional money from NeighborWorks/E-America, a network of nonprofit organizations promoting homeownership and neighborhood revitalization, the release said.

Orlando Neighborhood expects to spend $1 million improving Golden Oaks, which was built in 1993, the release said. Lane Management LLC, the property management arm of Atlanta-based Lane Co., will handle leasing and property management.

The Orlando Neighborhood Improvement Corp. is a nonprofit developer and owner of affordable and mixed-income housing properties in Central Florida. The organization has developed or co-developed 2,592 housing units and has 1,215 in its portfolio.

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