S3 Capital Lends $101M on Luxury Resort Project Near Orlando

reprints


A joint venture between Urban Network Capital Group and Vertical Developments has landed $101 million of construction financing to build a master-planned luxury resort community in suburban Orlando, Commercial Observer has learned.

S3 Capital provided the loan for the sponsorship’s multiphased Visions Orlando Resort & Spa project in Davenport, Fla. The 70-acre project when completed will comprise a mix of single-family homes, townhomes and condos along with resident amenities and retail.

SEE ALSO: Cirrus Real Estate Partners Supplies $100M Refi on Palm Beach Gardens Office Complex

“Visions Orlando represents exactly the type of thoughtfully designed residential community we look to support,” Steven Jemal, managing director of origination at S3 Capital, said in a statement. “From a lender’s perspective, the presale-driven capitalization provides significant downside protection while the underlying tourism dynamics support long-term liquidity and buyer demand.”

Located at 7007 Osceola Polk Line Road, the Visions Orlando Resort development has sold out all 460 residential units in Phases I, II, III and V, according to S3. Phase IV of the project features 277 condo-hotel units geared toward vacationers.

The master-planned community is expected to expand through Phase VIII along with a 4-acre commercial component, according to S3. Community amenities will include a 10,000-square-foot clubhouse with a fitness center, pool, sports courts, wellness facilities, restaurant, bar, movie theater and golf simulator.

Urban Network Capital Group and Vertical Developments did not immediately return requests for comment.

Andrew Coen can be reached t acoen@commercialobserver.com