Kissimmee condo-hotel receives $54 million loan and Winter Garden multifamily development secures $55 million in financing
ORLANDO/MIAMI, FL (August 2, 2022)- Concord Summit Capital, LLC (“Concord Summit”) arranged two construction loans totaling $109 million in the Greater Orlando Area. Managing Director Kevin O’Grady, Director Justin Neelis and Senior Analyst Daniel Rojo of Concord Summit’s Miami office was the exclusive advisor and sourced the financing on both.
The first is a $55 million construction loan for The Registry at Grass Lake, a 320-unit market-rate apartment community in Winter Garden being developed by L.M. Sandler & Sons. The lender is American Momentum Bank. Located at 14544 Avalon Road, the development will have a pool and clubhouse, concierge service, bike storage and outdoor grills. Construction will begin soon.
In the second transaction, Concord Summit arranged for Centennial Bank to provide a $54 million loan to build Embassy Suites at Sunset Walk, a 300-unit, for-sale condominium hotel project in Kissimmee. The developer, Encore Opportunity Fund, is offering buyers furnished and designed studio, one, -and two-bedroom condo hotel residences priced from the high $300s. Construction has already started.
“Hospitality and multifamily asset classes continue to perform well in Florida due to robust in-migration and a spike in post-pandemic tourism in the state,” O’Grady said.
Concord Summit has financed all of Encore’s components within its Sunset Walk entertainment masterplan community. This is the third loan Concord Summit has arranged in Sunset Walk in the last 12 months. In August 2021, the firm refinanced the original construction financing of the Margaritaville Resort, which is the centerpiece of the development, with a $98.39 million loan from Starwood Property Trust. They also sourced the construction financing for the Sunset Walk Apartments in October 2021 with a $60.3 million construction loan and preferred equity investment.
“Despite rising interest rates and inflation, lenders are still open to financing quality projects backed by developers who are well capitalized and have experience building in all kinds of market cycles,” Neelis said. “The borrowers in our two recent Orlando deals are good examples of that.”
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