A Florida-based, hospitality-focused developer sought construction-takeout financing for their newly opened suites-style hotel and adjacent restaurant in Orlando, FL.
Despite the asset’s immediate success, a CMBS takeout was highly unlikely given the distressed Covid market. As such, the developer needed a bridge lender to provide enough term and capital to fully stabilize the asset and ultimately pave the way for permanent financing.
PMC’s analysis of the hospitality market around Disney World, coupled with the strength of the ownership and operator, yielded confidence in the success of the transaction. The asset continues to perform well and is a preferred option to visitors in the area.