BridgeInvest Lends $42Mln Against Retail Property Near Orlando, Fla.
BridgeInvest has provided a $42 million loan against the 192,659-square-foot Promenade at Sunset Walk retail property at the Margaritaville Resort in the Orlando, Fla., suburb of Kissimmee, Fla.
The loan, arranged by Concord Summit Capital of Miami, allowed the property's developer, Encore Capital Management, to pay off a construction loan and take cash out of the fully leased property. Concord Summit also had arranged the construction loan.
Encore Capital, of Boca Raton, Fla., had developed the Promenade in 2020. It is within Sunset Walk, a 325-acre master-planned complex. Tenants include Fat Tuesday's, Lizzle's Memphis-Style BBQ, BR 77 Brazilian Steakhouse and Skechers.
See the full article on Commercial RealEstate.