Concord Summit Capital, LLC (“Concord Summit”) arranged a $42 million bridge loan 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, Florida.
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% leased with inline space and only one vacant pad space available for rent. Tenants include Sketchers, BurgerFi, Cold Stone Creamery, Studio Movie Grill, Fat Tuesdays, Ford’s Garage, among others.
“Sunset Walk is one of the most creative, thoughtfully designed master-planned entertainment destinations in the country, and we have financed many. The activity, culture, and draw are second-to-none. Concord Summit is pleased to help finance such a successful project and all its different components from the beginning,” Neelis said.
The property is located on one of the busiest thoroughfares in the Orlando MSA (US 192) and is a very short distance from Walt Disney World’s Magic Kingdom, EPCOT Center, and MGM Studios. Other major Orlando theme parks are minutes away.