A partnership between Royal Palm Cos. and Mattoni Group has obtained $86 million in construction financing for Tuscany Village, a 420-unit multifamily development located at 4201 W. First St. in the north Orlando suburb of Sanford.

The financing comprises $68 million in debt from a partnership between City National Bank and Abanca USA and $18 million in preferred equity from Origin Investments.

The co-developers plan to break ground on the 21-acre project in the coming weeks and deliver the property in phases by 2026.

Source:  RE Business