Parkview Financial Funds $28.5M Loan for Apartment Project in Metro Orlando
KISSIMMEE, FLA. — Parkview Financial has provided a $28.5 million loan to CS-ICM 5 LLC for the firm to convert a former 436-room hotel and resort property into a 351-unit apartment complex with retail and restaurant space in Kissimmee. The loan has an 18-month term and is non-recourse.
Located at 8660 W. Irlo Bronson Highway, the property will be situated near employment centers, including Disney World, which is 5.8 miles away. Construction is underway, with completion slated for summer 2022.
Originally built in 1977, the property is situated on 16 acres and includes 11 two-story buildings, three swimming pools, a fitness room, patios, garden areas, a seven-acre nature preserve and a 7,000-square-foot commercial building that has frontage along HWY 192.
Phase I of the project will be the conversion of the existing hotel room buildings into an apartment complex that will feature 251 studios averaging 350 square feet and 100 one-bedroom units averaging 700 square feet. The units will feature new kitchens with stainless steel appliances, granite counter tops and stainless steel sinks; walk-in closets for the one-bedroom units; new bathrooms; vinyl plank flooring in living areas; and carpeting in the bedrooms. The second phase will include the conversion of the commercial building into a 12,000-square-foot retail space to include six retail stores, one restaurant and a convenience store.
Certified General Contractors Inc. is the general contractor and WHA Design is the architect.