GreenBarn Investment Group and Skyview Companies Announce Acquisition and Funding of Kissimmee, Florida Development Project

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.