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Parkview Financial Lends on Conversion Project for Affordable Housing near Orlando Attractions
Parkview Financial has provided a $28.5 million loan to CS-ICM 5, LLC, for the conversion of a former 436-key hotel and resort property into a 351-unit apartment complex with retail and restaurant space.
The property is located in Kissimmee, FL, (bordering the Walt Disney World Resort) and will offer affordable rental rates to attract tenants who work at Orlando’s theme parks. Construction has commenced and completion is anticipated for summer 2022.
“With rents below the market average and vacancy rates under 3 percent in the local market, this well-located project will provide a much-needed market solution for more affordable rental housing to hourly employees of the surrounding tourist-focused attractions,” said Paul Rahimian, CEO and founder of Parkview Financial.
He added, “Parkview sees Florida as a state that will continue to experience demand for new multifamily and retail projects as the population in key markets grows exponentially.”
