'Amateur hour is over': Developer for new Kissimmee apartments on getting multifamily projects financed

Welcome to?Orlando Business Journal's weekly LinkedIn newsletter. I'm Managing Editor Susan Lundine, rounding up Orlando business news to keep you in the know when time is short.

The way?Tim Peterson?tells it, it wasn't but a year or two ago when it was "halcyon days" for financing new apartment developments — when some on the capital side of the equation felt the only bad deals were the deals not getting done.

"Anybody could get equity and anybody could get debt — so 55 years of experience counted about the same as 55 hours," Peterson, the chief investment officer for Fort Lauderdale-based multifamily developer Altman Cos., told?Orlando Business Journal.

Suffice to say, the mood has changed.

With rising construction costs, rising interest rates and tightening lending standards, he said equity partners and loan providers now are much more stringent about who they are lending to or partnering with, making a developer's track record much more valuable.

It's the type of landscape that may favor a firm such as Altman Cos., which announced last week a joint venture with Harbor Group International as an equity partner that will contribute 85% of the $104.5 million cost for a new 346-unit project slated to be built adjacent Tupperware Brands' headquarters in Kissimmee.

Or, as Peterson put it, it is the type of landscape where "amateur hour is over."

Go here for the rest of the story.

And now onto other big business deals, transactions and activity headlines from the week.

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Real estate news of the week

• Brightline train company buys more land in Brevard County. See how it might be used: The Miami-based intercity rail system bought two parcels from FGD Tico LLC for roughly $38 million.
• Revamped Winter Park Village announces new luxury brands, boutiques: With the newly announced tenants, there are just two available spaces left and both of those are in negotiations — meaning the lifestyle center is closing in on full occupancy.
• AdventHealth sells 114 acres for big Orlando project: The sale of the land has closed, clearing the way for work to commence on a new mixed-use development.

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Orlando news bites

You don't want to miss these other top stories:

• See where Floridians want Brightline to expand beyond Orlando: The intercity rail service is wrapping up construction on its 170-mile Miami-to-Orlando route.
• New building planned near busy Winter Park corridor. Here's what to know: A new project is lining up for a vacant nearly 1-acre site along one of the city's main thoroughfares.
• MCR Hotels buys 3 Central Florida properties: This gives the country’s 3rd-largest hotel owner-operator a total of 13 resorts in the Sunshine State.

Restaurant news & notes

Check out the latest news on popular local places to eat:

• Miami Grill plans three new Orlando restaurants: The chain, which currently has 28 locations open in Florida and South Carolina, features Philly cheesesteaks, Greek gyros, wings, fries and salads.
• New fine-dining restaurant to open in downtown Orlando: The new eatery, which has yet to share its opening date, will offer a modern chef's table experience with an eclectic menu.
• Local attraction to get Foxtail Coffee and Kelly's Homemade Ice Cream: The co-branded cafe would go inside a former gift shop space.

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Nominations & Events

Things to put on your busy calendar:

• Nominate now for the 2023 Inno Under 25, which recognizes the top founders, entrepreneurs, innovators and leaders under 25 in Orlando. The deadline is July 21.
• Nominations now being accepted for the 2023 C-Suite Awards, which recognize Central Florida's top CEOs, CFOs, CIOs, CMOs, COOs and others. The deadline is July 27.
• Nominate now for the 2023 Power Players, which honor business leaders and executives who are helping grow and innovate the way business is done throughout the region. The deadline is Aug. 17.
• Nominate now for the 2023 Veterans of Influence, which?recognizes military veterans who have made a significant achievement in their careers in the past year, have a strong record of innovation or outstanding performance in their work, and are involved in our community. The deadline is Oct. 6.

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Finally ... make your voice heard!

These?OBJ?polls are live. Let us know what you're thinking.

• Where would you like to see a Brightline station?
• Which of these 16 proposed projects do you think is the priority for TDT funding?

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That's all for this week's top headlines, and thanks for supporting?OBJ.

This weekly round-up of Orlando business news was compiled by Susan Lundine, managing editor. Questions? Comments? Concerns? News tips? Send them to [email protected].