ORLANDO-Villas at Reunion Square LLC of Celebration has received one of the largest pre-construction loans this year in Central Florida in the form of a $219.23-million funding package for the construction of the Villas at Reunion Square. GMAC Commercial Mortgage Corp. provided the loan for the planned 504-unit, 798,500-sf resort that is sold out.
Ginn Clubs & Resorts, owned by Ginn Development Co., Villas at Reunion's developer, will manage the 48.8-acre property. In a prepared statement, GMAC says the loan is at a floating interest rate but didn't disclose the rate range or the length of the loan. Area mortgage bankers tell GlobeSt.com the loan is probably for two-years at an effective rate of 6% to 7%.
Jack Martinez, a vice president in GMACCM's Orlando loan origination office, brokered the loan. He says his company "won this deal as a result of our ability to commit to the entire loan without participation."
Villas at Reunion Square amenities will include three 18-hole golf courses, horse stables and a water pavilion. The project's development site is within the 2,300-acre, $2-billion Reunion Resort being developed in phases by Ginn Development Co.
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