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Berkadia Arranges $140M Construction Loan for Four Orlando Hotel Properties
Berkadia has arranged a $140 million loan for the construction of four hotel properties that are part of Flamingo Crossings Town Center, a new master-planned development at the western entrance to Walt Disney World.
The properties include a 223-room Residence Inn by Marriott, a 272-room Fairfield Inn & Suites by Marriott, a 272-room Home2 Suites by Hilton and a 229-room Homewood Suites by Hilton. The four extended stay hotel properties will be managed by Yedla Management Company Inc., and are slated for completion in fall of this year.
Justin Ownby of Berkadia’s Tampa office, along with Adrienne Kautzman and Mauricio Rodriguez of Berkadia’s Hotels & Hospitality team, arranged the financing on behalf of the borrower, Doradus Partners. The four-year, adjustable-rate, non-recourse construction loan was secured through a direct private lender.
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