BridgeInvest Refis Margaritaville Florida Retail Property With $42M Loan
By Andrew Coen August 21, 2023 2:57 pm
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Encore Capital Management has nabbed a $42 million debt package to refinance the retail portfolio of a Margaritaville-branded property near Orlando, Commercial Observer has learned.
BridgeInvest supplied the bridge loan on Encore’s The Promenade at Sunset Walk – Margaritaville Resort in Kissimmee, Fla.
The loan will be used to repay previous construction debt on the 14-building, 192,659-square-foot retail center that is situated within a larger 325-acre master-planned entertainment community.
Concord Summit Capital’s Kevin O’Grady and Justin Neelis arranged the financing out of the brokerage firm’s Miami office.
“Sunset Walk is one of the most creative, thoughtfully designed master-planned entertainment destinations in the country,” Neelis said in a statement,
Located at 3251 Margaritaville Boulevard, five miles from Disney World, The Promenade began leasing out to tenants in 2020 following the completion of construction in December 2019. Main retail tenants include Skechers, BurgerFi, Cold Stone Creamery, Studio Movie Grill, Fat Tuesdays and Ford’s Garage.
Officials at BridgeInvest and Encore did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
