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PALM COAST, FL-Orlando developer Bobby Ginn, whose planned, completed and under-construction projects are approaching the $1-billion mark in build-out value, has obtained a $28.3-million loan from National City Bank to complete the construction of his Admiral’s Cove Condominiums community in this city, about 60 miles north of Downtown Orlando.

The Orlando office of GMAC Commercial Mortgage Corp. arranged the floating-rate construction financing. GMAC vice president Jack Martinez brokered the loan. A Ginn subsidiary, Ginn-La Marina Ltd. LLP was the formal borrower.

The new financing comes as Ginn’s companies enjoy record sales at several new projects. For example, at the developer’s newest community, the 1,900-acre Bella Collina on Lake Apopka in Lake County, 400 lot sales totaled $174 million over a four-hour blitz as 1,000 buyers vied for the properties last week, as GlobeSt.com previously reported. Three weeks earlier, Ginn’s marketing team sold $170 million on 712 home site transactions at Reunion Resort & Club in Polk County.

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