JLL Capital Markets facilitates floating-rate financing for Class A multifamily community in Lake Nona neighborhood
News release
23 October 2025
$66.25M refinancing secured from Mesa West Capital for Nova at East Park Village in Orlando
TAMPA, Oct. 23, 2025 – JLL Capital Markets announced today that it has secured $66.25 million in refinancing from Mesa West Capital for Nova at East Park Village, a 264-unit Class A multifamily community in the Lake Nona neighborhood of Orlando, Florida.
JLL represented the borrower, EPV Development—a partnership between Onicx Group and the Drs. Kiran and Pallavi Patel Family Office—in arranging the loan through Mesa West Capital, a subsidiary of Morgan Stanley.
Built in 2025, Nova at East Park Village represents a premium residential offering in one of Orlando's most desirable submarkets. The property was approximately 10% occupied and 15% leased at closing, with stabilization targeted for Q3 2026. The financing successfully retired the existing construction loan and preferred equity while setting aside substantial interest and operational reserves to support the property's lease-up phase.
Strategically located less than 10 minutes from Lake Nona's 650-acre Medical City, Nova at East Park Village offers residents convenient access to over 6,500 healthcare jobs. The area continues to experience significant growth with three major expansions currently underway by AdventHealth, Nemours Children's Hospital and UCF's nursing program, further solidifying Lake Nona's position as a premier live-work destination.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Director Kenny Cutler and Senior Director Jesse Wright.
"This transaction exemplifies the continued strength of the Orlando multifamily market and lender confidence in quality new construction assets," said Cutler. "The competitive process allowed us to secure favorable terms that position our client for success during the lease-up phase and ultimate exit strategy."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Onicx Group
Onicx Group (www.onicx.com) is a vertically integrated real estate investment, development, and management firm headquartered in Tampa, Florida. The company specializes in healthcare, multifamily, and mixed-use projects, leveraging its in-house expertise across development, acquisitions, construction, and property management. Since its founding, Onicx has built a diverse portfolio across the Southeast, delivering high-quality assets that create long-term value for partners and communities alike.