Alya Equities, based in Miami, has refinanced the Grand at Grenelefe property in Haines City for $28.4 million through Walker & Dunlop.
Grand at Grenelefe is a 417-unit fractured multifamily property situated on over 160 acres. Built in 1980, it offers a mix of one-, two- and three-bedroom units. The property is located at 3119 Camelot Dr.
Timeshare giant Westgate Resorts owned Grenelefe for nearly two decades before selling it in 2022. The property spanned over 1,270 acres and featured three golf courses, 22 tennis courts, a convention center, three restaurants, four swimming pools, and rental condos. Alya Equities purchased the condos for $31.5 million, while the other assets and undeveloped land were sold to Lennar and Grenelefe Resort Development LLC.
Time-share developer David Siegel sold the Grenelefe Golf and Tennis Club in Haines City in 2022. (Handout courtesy of Carlton Advisory Services Inc.)
The W&D Florida Capital Markets team led by Harvey Pava arranged the loan from Santander Bank on behalf of the client. The loan features a five-year term with 12 months of interest-only payments on a step-down prepayment structure. It was a conventional fixed-rate bank loan with attractive economic terms.
“While many borrowers are struggling to exit short-term bridge loans they took a few years back, together with Alya, we were successfully able to secure a cash-out bank loan which is a testament to both Alya’s disciplined investment approach and our collaborative efforts,” Pava said in a statement.
Alya had a loan maturity approaching, and they typically employ a hold strategy rather than selling, Pava said. They believe in long-term value growth, stating that real estate will always increase over time.
The area has experienced significant demographic growth, characterized by a steadily increasing population and consistent annual rent increases. Located approximately midway between Tampa and Orlando along I-4, the Lakeland region serves as an essential logistics hub for industrial businesses. The property is situated within a strong multifamily market, which is bolstered by its strategic location, according to Pava.
“At Alya, we focus on acquiring assets where we see clear potential to create long-term value. Grenelefe fits that vision. We’re drawn to properties with untapped opportunities that aren’t solely reliant on market cycles. We appreciate the ongoing partnership with Walker & Dunlop in helping us execute our strategy,” said Yossi Edelkopf, CEO of Alya Equities in a statement.
Pava added, “W&D is Alya’s ‘go-to’ mortgage banking relationship and we handle all their financing needs. They pursued this deal to replace expensive floating-rate debt with lower-cost, long-term fixed-rate debt.”
Alya plans to renovate the 45-year-old units as they become available. The property is in excellent condition, so Alya doesn’t have any specific capital items to address, according to Pava.
“Alya always looks to reinvest capital in their assets. they will continue to renovate where it makes sense and improve the overall condition of the asset for the benefit of their residents,” Pava added. “The reason they prefer this deal is that Haines City is a strategic commuter location that appeals to individuals seeking peace and quiet.”
Lennar Homes is moving forward with Smokey Groves, the first of the two residential projects taking shape on the former resort near Haines City. The county has approved nearly 2,400 homes across both projects with more than 500 planned in the first phases.
Pava believes Lennar building homes nearby will improve the value of the Grand at Grenelefe.
“Grenelefe is both an affordable rental & condo community at an extremely competitive price point and Lennar will build for-sale housing,” Pava said. “It should bring more traffic to the area and ultimately help drive Grenelefe’s property value over time.”
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