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Florida & Gulf Coast  + Central Florida  + Finance  | 
Edgewood Capital Advisors provided $7 million for the conversion of a hotel in Kissimmee, FL into a multifamily community.

Edgewood Capital Advisors Provides $7M for Hotel-to-Multifamily Conversion in Kissimmee

Southport, CT-based Edgewood Capital Advisors has closed on a $7-million senior bridge loan to assist an investor convert a hotel in Kissimmee, FL into a multifamily complex of studio apartments.

“The demand for housing and construction costs have made the conversions of older hotels a viable business plan in Orlando and other FL cities, ” said Edgewood Capital founder Tom McDevitt.

Edgewood Capital has closed five other hotel-to-multifamily-conversions over the last two years, most recently a $5.3-million senior bridge loan on a motel in Clearwater that is being turned into studio apartments.

The property was operating as an extended-stay hotel and is located less than 30 minutes from Walt Disney World Resort and 15 minutes west of downtown Kissimmee.

The borrower, who recently purchased the property for $9.6 million, plans to invest $2 million to convert the hotel rooms into studio apartments with projected rents of $1,150 per month.


Inside The Story

Edgewood Capital Advisors' McDevitt

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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