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First Phase to Commence with Construction of "The Allen" Residential Community
MORRISTOWN, N.J. and KISSIMMEE, Fla., April 13, 2023 /PRNewswire/ -- GreenBarn Investment Group and Skyview Companies announced today the launch of the first phase of a 20-acre development project in Kissimmee, Florida, beginning with the acquisition of an approximately eight-acre land parcel. In connection with the land acquisition, the development team also secured a $52.7 million construction loan from Sumitomo Mitsui Trust Bank. The project, to be named "The Allen", will be co-developed by GreenBarn and Skyview and will commence construction immediately. NTT Urban Development Corporation and Rithm Capital Corp (NYSE: RITM), of which GreenBarn is an affiliate, are investors in the project.
The Allen will consist of 312 apartment units located in downtown Kissimmee, within the Medical Arts District, directly across the street from the HCA Florida Osceola Hospital and only two miles from AdventHealth Kissimmee. The community will be in walking distance to downtown Kissimmee and its retail shops, culture and services, as well as the Kissimmee lakefront. The public-private partnership with the city of Kissimmee followed a competitive bidding process aimed at securing a partner to develop the land in the best interests of the community.
The partnership is currently planning for the development of the remaining land, including the potential for 300 multi-family units and a medical office building across the street from HCA Florida Osceola Hospital. In total, the site could include up to approximately one million square feet across three phases of development.
"We're excited to partner with the team at Skyview in launching the construction of The Allen," commented Peter Friedman, Vice President, GreenBarn Investment Group. "Kissimmee is a vibrant and growing market with strong housing demand given its location, attractive lifestyle and proximity to the region's multitude of employers. This is an ideal location to bring this development to fruition and deliver on the goals of the public-private partnership with the city."
"We're pleased to play a major role in fulfilling the vision set out by the city of Kissimmee and we're grateful for the support of our investment partners in this development," said David Brickman, Partner, Skyview Companies. "The Allen represents an important part of our central Florida development strategy, and will further build on our track record of supporting infill developments, while at the same time contributing to the economic and cultural vibrancy of Kissimmee and its Medical Arts District. In conjunction with GreenBarn, we'll be overseeing all aspects of design, construction and asset management, in line with achieving the city's mission for this site and making this a tremendous success."About GreenBarn Investment Group
With offices in Morristown N.J. and New York City, GreenBarn Investment Group (formerly Senlac Ridge Partners) is a vertically integrated investment management firm that utilizes its extensive network and industry experience to acquire and develop real estate assets, make and invest in real estate loans as well as make strategic entity-level and Co-GP programmatic investments with real estate operating companies. GreenBarn is an affiliate of Rithm Capital Corp (NYSE: RITM) and helps lead their commercial real estate platform focused on debt and equity investments. GreenBarn was co-founded in January 2020 by Mr. Welsh and former principals of Normandy Real Estate Partners immediately following the sale of Normandy's fund management and operating businesses to Columbia Property Trust. During the past three decades, GreenBarn's leadership team has led the execution of over $40 billion of real estate equity and debt transactions. GreenBarn invests on behalf of a broad range of domestic and foreign institutional and high net worth investors and currently owns a mixed-use portfolio of approximately 2.3 million square feet with a development pipeline totaling over $1.5 billion.About Skyview Companies
Skyview Companies is a vertically integrated real estate development firm with active developments in New York, Florida and Ohio. In the last 10 years, the Skyview Companies team has successfully executed over $1.5 billion of ground-up development projects. Learn more at http://www.skyviewcompanies.com/
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SOURCE GreenBarn Investment Group