Pacific Western Bank Leads $60M Construction Financing on Apartment Project Near Disney World
Concord Summit Capital arranges transaction for Sunset Walk Apartments
By Andrew Coen October 8, 2021 11:18 am
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Encore Capital Management has landed $60.3 million of construction financing to build a multifamily property within Florida’s Sunset Walk master-planned community near Disney World, Commercial Observer has learned.
Pacific Western Bank (PacWest) supplied a $45.59 million senior loan as part of the debt package for Encore’s Sunset Walk Apartments project in Kissimmee, Fla., just outside of Orlando. The project also received $14.75 million in preferred equity from an unnamed lender.
Concord Summit Capital’s Kevin O’Grady, a managing director, Justin Neelis, a director, and Daniel Rojo, a senior analyst, handled the transaction.
“It is exciting to close another successful transaction at one of Encore’s signature master-planned developments in Florida,” O’Grady said in a statement. “This new project accommodates the intense demand for new high-end apartments in the area and complements the other uses within Sunset Walk.”
Located at 8000 Fins Up Circle, the 352-unit complex will feature three four-story buildings with surface parking for residents. Planned property amenities include a fitness center and yoga studio, pool, club room and business center.
Encore has been active in the Sunset Walk area including completing the 184-room Margaritaville Resort Orlando. The Boca Raton, Fla.-based developer also has built 631 Margaritaville-branded cottage homes, the Island H20 Water Park in Citrus Ridge, Fla., as well as more than 192,000 square feet of retail and restaurant space at Promenade at Sunset Walk.
“With this deal closed, we can move forward with building out our next phase of residential units and be closer to completing this world-class entertainment destination,” Arthur Falcone, co-founder and managing principal of Encore Capital Management, said in a statement.
Officials for PacWest did not immediately respond to a request for comment about the transaction.
Andrew Coen can be reached at acoen@commercialobserver.com
