Anchor Loans has closed $58.5 million in vertical construction financing for two build-to-rent communities planned to deliver 279 rental homes in Deltona, Florida, supporting the next stage of development at Magnolia Cottages at Deltona and Magnolia Villas at Deltona.
The two communities will occupy adjacent sites in the Volusia County city between Orlando and Daytona Beach. Magnolia Cottages is planned for 153 homes, while Magnolia Villas will comprise 126 homes. Both developments will feature a mix of cottages, duplexes and townhomes, alongside planned dog parks and clubhouse amenities.
Anchor allocated approximately $30.2 million to Magnolia Cottages and $28.3 million to Magnolia Villas. Agador Spartacus Development, a Miami-based real estate developer, is developing both projects.
The financing covers vertical construction, the stage in which homes and other buildings rise above ground. The closing marks a financing milestone for the developments, although the companies have not disclosed a confirmed completion date or the timing of initial home deliveries.
Two communities planned across adjacent sites
Magnolia Cottages and Magnolia Villas will provide a combined 279 homes designed for long-term rental rather than individual sale. The build-to-rent model offers residents house-style accommodation while keeping homes within a professionally developed rental community.
The two projects will share a neighboring location but have separate housing totals and financing allocations. Magnolia Cottages accounts for 153 of the planned homes, while Magnolia Villas will provide another 126.
Contractor information for the developments identifies a combined site area of approximately 36.6 acres and about 578,640 square feet of building area. The planned amenities also extend beyond the homes themselves, with clubhouse facilities and outdoor recreation areas forming part of the community layouts.
Construction and delivery will take place in stages. Contractor-reported targets have indicated completion milestones in 2027 and 2028, although the current schedule and the specific phases associated with those dates have not been confirmed in the financing announcement.
The developers have not announced anticipated monthly rents, home designs, leasing dates or the total cost of delivering both communities.
Location connects homes with Central Florida employment
The Deltona sites sit between Orlando and Daytona Beach, placing the developments within reach of employment centers across Central Florida. The nearby Howland Job Zone, which includes healthcare, logistics and retail employers, is among the employment areas identified in the project announcement.
The location provides context for the planned rental housing, but the companies have not disclosed how many future residents are expected to work in the surrounding employment areas or how much rental demand the communities will attract.
For prospective residents, the projects’ mix of cottages, duplexes and townhomes will offer an alternative to conventional apartment buildings. The planned dog parks and clubhouse facilities are intended to provide shared amenities within the residential setting.
Financing builds on previous Florida projects
The $58.5 million financing extends an existing relationship between Anchor Loans and Agador Spartacus Development.
Anchor previously financed Magnolia at Lake Hamilton, a multifamily project in Winter Haven, with $35.4 million, and Lake Ella Estates, a 132-home build-to-rent community in Lady Lake, with $36.8 million.
Those earlier transactions provide context for the lender’s decision to finance the two Deltona developments. Anchor’s chief lending officer, Paul Stockamore, cited Agador’s Florida market experience, equity investment and established relationship with the lender when explaining the financing decision.
Agador principal Samy Cohen said the lender’s familiarity with the company’s business helped it arrange financing for both communities simultaneously.
Anchor Loans is a private real estate lender and a majority-owned portfolio company of Pretium. The financing announcement does not disclose the total development budgets for Magnolia Cottages or Magnolia Villas, so the $58.5 million should not be interpreted as the combined cost of the projects.
Deltona projects add to Florida’s housing pipeline
The two communities are part of a broader pipeline of residential construction across Florida, where developers are pursuing different approaches to adding housing.
In Brooksville, Metro Development Group has broken ground on Sunrise Hills, a planned 1,100-acre community expected to include nearly 4,000 homes, a lagoon and miles of trails. Unlike the Deltona developments, which focus on purpose-built rental housing, Sunrise Hills combines multiple homebuilders with a much larger master-planned residential development.
The projects illustrate two distinct approaches to housing delivery: building rental homes across neighboring sites in Deltona and developing a large residential community in Hernando County.
Magnolia Cottages at Deltona and Magnolia Villas at Deltona: Project Factsheet
- Location: Deltona, Volusia County, Florida
- Developer: Agador Spartacus Development
- Construction lender: Anchor Loans
- Combined construction financing: $58.5 million
- Magnolia Cottages: $30.2 million in financing; 153 planned homes
- Magnolia Villas: $28.3 million in financing; 126 planned homes
- Combined planned housing: 279 rental homes
- Reported site area: Approximately 36.6 acres
- Reported building area: Approximately 578,640 square feet
- Housing types: Cottages, duplexes and townhomes
- Planned amenities: Dog parks, clubhouses and other shared recreational facilities
- Construction schedule: Contractor-reported targets have indicated milestones in 2027 and 2028; the current schedule remains to be confirmed
- Total development cost: Not disclosed
- Rental rates and leasing dates: Not announced
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