On October 26, 2015, the City of Orlando entered into a Community Development Block Grant agreement with Lift Orlando, Inc. and LIFT Orlando Community Land, LLC ("LOCL") to support the demolition of the environmentally contaminated, dilapidated, vacant and boarded up apartment buildings located at 2021 Orange Center Blvd., so Pendana, a new affordable housing complex, could be built. The principal amount for this loan was $1,250,000. The CDBG loan and Restrictive Covenant stipulated a five-year affordability period, which will expire on December 31, 2023. LOCL entered into a ground lease with West Lakes Phase I to provide affordable housing.

West Lakes Phase I is refinancing its mortgage for Pendana and the lender, Grandbridge Real Estate Capital LLC, is requiring the City to subordinate its loan position. The permanent loan is approximately Ten Million Dollars ($10,000,000). The property is currently 97.5% leased and maintains a waiting list. The property's appraised value as of September 17, 2020 is $16,700,000. As a junior lien mortgage holder, it is possible the City would not be repaid if the property were to go into foreclosure between now and December 31, 2023.