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 Concord team has arranged financing for all of Encore’s components within its Sunset Walk entertainment master-planned community. This is the third loan Concord Summit has arranged in Sunset Walk in the last 12 months.
In August 2021, the team 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. Concord Summit also sourced the construction financing for the Sunset Walk Apartments in October 2021 with a $60.3 million construction loan and preferred equity investment, according to the 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.
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