Encore Opportunity Fund Secures $54M Construction Loan to Build Hotel in Orlando – Trade Observer
Encore Opportunity Fund secured a $54 million construction loan for Embassy Suites at Sunset Walka 300-unit condominium hotel project in Orlando, Florida, 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 Blvd., the development offers furnished studio, T1 and T2 hotel residences. Construction has already begun, according to a press release.
The Concord team arranged funding for all components of Encore within its planned Sunset Walk entertainment community. This is the third loan that Concord Summit has arranged at Sunset Walk in the last 12 months.
In August 2021, the team refinanced initial construction financing for Margaritaville Resort, which is the centerpiece of the development, with a $98.39 million loan from Starwood Property Trust. Concord Summit also secured 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 well-capitalized developers who are experienced in all kinds of market cycles,” Neelis said. “The borrowers in our two recent transactions in Orlando are good examples of this.”
The officials at Encore Opportunity Fund and Centennial Bank did not immediately respond to requests for comment.
Emily Fu can be reached at [email protected].