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DELAVAN, WI-The owners of Lake Lawn Resort, stretched along twomiles of shoreline of Lake Delavan, have arranged $18 million innew financing to pay for and complete a condominium conversion ofthe 280 units at the hotel. After the conversion is finished, theowners intend to begin a second phase of development that calls forup to 1,000 additional resort hotel/condo units, a conventioncenter and an indoor water park on the 210-acre site, saysofficials with ORIX Real Estate Capital, who sourced and close theconversion loan. Matthew Lund with Collateral Real Estate CapitalLLC arranged the loan.

The property was built and has operated since the late 1800s asa resort, with the main facilities constructed in the 1960s, saysTerry Connors, vice president of debt and structured finance withORIX. "In 2005 there was an extensive renovation, it waspractically gutted, with a full redo of the hotel units and commonareas," he tells GlobeSt.com.