
Concord Summit Capital Closes $42M Bridge Loan for Orlando Retail
Concord Summit Capital, LLC arranged a $42 million refinance loan from BridgeInvest to Encore Capital Management for The Promenade at Sunset Walk – Margaritaville Resort, a 14-building, 192,659-square-foot retail center located within the larger 325-acre master-planned entertainment community of Sunset Walk in Kissimmee, FL.
Chairman Kevin O’Grady and Managing Director Justin Neelis, both of Concord Summit’s Miami office, advised the borrower and sourced the financing.
The bridge loan will be used to repay the original construction loan and provide the borrower, Encore Capital Management, a long-time Concord Summit client, with cash out at closing.
The Promenade completed construction and started tenancy in December 2019 and 2020. Currently, the property is 100-percent leased with inline space with one vacant pad space available. Tenants include Sketchers, BurgerFi, Cold Stone Creamery, Studio Movie Grill, Fat Tuesdays, Ford’s Garage, among others.
The property is near Walt Disney World’s Magic Kingdom, EPCOT Center, and MGM Studios.