Concord Summit Capital Secures $98M Refinancing for Margaritaville Resort Orlando
Concord Summit Capital has arranged a $98.3 million loan to refinance Margaritaville Resort Orlando, a 186-room resort in Orlando’s Kissimmee submarket.
The resort opened in 2019 and was recognized by Tripadvisor as 2020 winners of the Travelers’ Choice Award. The award is based on a full year of Tripadvisor reviews, and winners must rank in the top 10% of hospitality businesses from around the world.
Kevin O’Grady, Justin Neelis and Daniel Rojo of Concord Summit secured the financing on behalf of the owner and developer, Encore Capital Management. Starwood Property Trust provided the loan, which refinances the existing construction senior and mezzanine debt and provides additional capital for an expansion of the resort. Encore plans to build 75 additional hotel rooms on the east wing of the resort after the financing.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.