Refinance of a 5 acre, Fully Approved, Hotel Development lot adjacent to the Orange County Convention Center in Orlando, FL
Paradigm Capital, a nation-wide, private, commercial real estate bridge lending firm, is pleased to announce that it has funded a $5,500,000.00 1st mortgage, to fund the refinance of a 5 acre hotel development lot, adjacent to the Orange County Convention Center in Orlando, FL. Our Borrower’s acquisition financing was coming due, they were a few months away from being in a position to close on their construction financing, which precipitated the need for bridge financing. The site is ideally located, as it is directly across the street from the convention center, it is the only surrounding site which has both direct vehicular and direct pedestrian access. The site is currently approved for a 299 key, full-service hotel, which will be branded as a Le Meridien by Marriott and will also be operated by Marriott. The site is considered by some to be the best hotel development site in Orlando, close to the convention center and a short walk or drive from the attraction of the area including Sea World and the Disney Resorts and Parks.
David Kushner, the President of Paradigm Credit Corporation, offered this about the company’s recent transaction, “While land isn’t necessarily our first choice of real collateral when we’re evaluating prospective transactions, this particular development site was so well located that we couldn’t pass it up. As a hotel development site, its proximity to the Convention Center was incredibly appealing and our Borrower has demonstrated a real commitment toward commencing construction, through the significant time they’ve spent gaining approvals and also by contributing a significant amount of cash toward the plans, approvals and other predevelopment items since acquiring the site. Our Borrower has a successful development history and there is a pressing need for new hotel rooms in this market. Paradigm’s mortgage represents 59.8% of the Property’s underwritten value.”