Ulysses Development Group Breaks Ground on 100-Unit Osprey Sound Affordable Senior Housing in Orlando
ORLANDO, Fla. — Ulysses Development Group has broken ground on Osprey Sound, a 100-unit affordable senior housing community in Orlando, Florida, the company announced July 9, 2026. The development at 5453 S Rio Grande Ave in Orange County is backed by a financing package totaling approximately $35.4 million and is designed to serve residents aged 62 and older earning between 50% and 70% of area median income.
Project Overview and Financing Structure
Osprey Sound's capital stack draws on a combination of state, county, and private sources. The Florida Housing Finance Corporation provided $22.38 million in tax-exempt bonds, $2 million in low-income housing tax credits, and $4.3 million in subordinate Viability Loan Funds. Orange County contributed a $7 million loan through its Affordable Housing Trust Loan Fund. Synovus Bank provided tax credit equity investment and construction debt, while a permanent loan was arranged through Freddie Mac and is being serviced by Berkadia Commercial Mortgage.
Upon completion, residents will have access to amenities including a furnished clubroom and craft room, a fitness center, and an outdoor swimming pool. The site is described by Ulysses Development Group as centrally located with access to transit, restaurants, and grocery stores.
Stakeholder Remarks
"Today's groundbreaking at Osprey Sound marks a significant investment in the future of Orange County," said Orange County Mayor Jerry Demings. "This development demonstrates how collaboration and shared vision can create real solutions to our region's housing challenges. Together, we're building more than affordable homes, we're building opportunity, dignity, and a stronger community for all."
Orange County Commissioner Mike Scott highlighted the county's direct financial commitment to the project. "The groundbreaking of Osprey Sound represents a powerful step forward in expanding access to affordable, high-quality housing for Orlando's seniors. Orange County is proud to support this project through an award of $7 million through the Affordable Housing Trust Loan Fund," Scott said.
Ryan Watt, assistant vice president of development at Ulysses Development Group, said the milestone reflects the partnerships behind the project. "We're honored to bring Osprey Sound to life here in Orlando and deeply grateful to be part of this community. Every project we develop is about more than housing; it's about creating spaces where people feel connected, supported, and proud to call home," Watt said. "This milestone reflects the incredible partnerships and shared commitment that make meaningful progress possible."
About Ulysses Development Group
Ulysses Development Group describes itself as a mission-driven developer and owner of affordable and workforce housing. Founded in 2021, the firm reports ownership of 2,230 apartments across five states and has stated plans to build or preserve 2,000 more by the end of 2026.
Ulysses Development Group did not disclose a construction completion timeline in its announcement. The groundbreaking ceremony was attended by financing partners, local community members, and officials from across the state.
Sources
Ulysses Development Group — Press Release: Osprey Sound Breaks Ground (July 9, 2026)