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OKEECHOBEE, FL-A Martin County, FL-based real estate developer has acquired the Silver Palms RV Village site off US Highway 441 with $10.5 million in financing. The project will include 512 RV sites that will be for sale.

The financing was arranged by Chicago-based Cohen Financial and will pay for the acquisition, development and construction costs associated with the project. The lender was a regional bank. More than half of the sites are located on the lakefront or wetland preserve. The resort will feature an Olympic-size pool, tennis courts and a clubhouse.

Cohen Financial managing directors Kevin O’Grady and Daniel Sheehan represented the buyer. Sheehan tells GlobeSt.com that prices for the sites will start at $50,000. Work on the project, which will be constructed in three phases, is expected to begin within the next few months. The first phase is expected to be completed in 12 to 15 months. “The build-out for the project will be about three years, but it demands on the market demand for the sites,” he says.

The project is adjacent to the only Publix Super Market in Okeechobee County. It is also located within one-quarter mile of Lake Okeechobee, a popular fishing destination.

There is a growing demand for high-end RV developments in the US due to limited supply and the fact that baby boomers are seeking property in high-end RV communities that appeal to seasonal travel schedules. Supply continues to shrink as RV parks are developed into more traditional “brick and mortar” residential and retail developments. “The unique thing about this type of financing transaction is that it is fairly insensitive to the types of concerns facing other property types, such as job growth,” Sheehan says.

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