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

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."

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