South Florida Company Secures $98.39 Million Financing for Margaritaville Resort Orlando
The loan refinances existing construction debt while creating funding for expansion at the popular destination
Concord Summit Capital, LLC recently completed the nearly $100 million refinancing for Margaritaville Resort Orlando to help the resort expand its property. Starwood Property Trust provided the loan to Margaritaville’s developer and owner, Encore Capital Management. Encore, a longtime client of Concord Summit.
After opening in January 2019, the resort has received recognition by Tripadvisor as one of the 2020 winners of the Travelers’ Choice Award. Expansion plans include building an additional 75 hotel rooms on the east wing of the resort.
“Margaritaville was a success story from its opening and became even stronger after the reopening of Orlando in 2020,” says Kevin O’Grady, Managing Director of Concord Summit, a South Florida company that serves as an intermediary between sponsors and providers of capital for commercial real estate debt and equity financing. “The owners have planned the resort’s expansion carefully and enhanced the brand significantly. Starwood, as a hospitality-focused company, recognized the value of this asset and was a pleasure to work with.”
Concord Summit’s principals also arranged the original construction financing for Margaritaville in 2017. Other Encore properties and developments financed by Concord Summit’s principals include Paramount Miami Worldcenter (condominium component), Paramount Fort Lauderdale Beach and Plantation Walk.
frank papandreaPosted at 18:29h, 01 September