Encore Opportunity Fund Lands $54M Construction Loan to Build Orlando Hotel
Encore Opportunity Fund has landed a $54 million construction loan for Embassy Suites at Sunset Walk, a 300-unit condominium hotel project in Orlando, Fla., Commercial Observer can first report.
Centennial Bank provided the loan, while Concord Summit Capital arranged the construction loan with a team led by Kevin O’Grady, Justin Neelis and Daniel Rojo.
Located at 3240 Margaritaville Boulevard, the development offers furnished studio, one-bedroom and two-bedroom condo hotel residences. Construction has already started, according to a press release.
The transaction marks the third financing that Concord Summit has negotiated for the Sunset Walk community in the last year alone.
Last August, Miami-headquartered lender Starwood Property Trust refinanced both the senior and mezzanine construction debt on the Margaritaville Resort with a $98.4 million loan. Two months later, Concord arranged $60 million in development financing plus a preferred equity investment for the project’s residential component, Sunset Walk Apartments, according to a release.
“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.”
Officials at Encore Opportunity Fund and Centennial Bank did not immediately respond to requests for comment.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Emily Fu can be reached at efu@commercialobserver.com.
