Concord Summit Closes $55M in Financing for Orlando-Area Rental Project

American Momentum Bank holds the construction loan.

Rendering of The Registry at Grass Lake. Image courtesy of Concord Summit

Concord Summit has closed on two construction loans totaling $109 million for projects in the Orlando area. The first is a $55 million loan for The Registry at Grass Lake in Winter Garden, Fla., held by American Momentum Bank. The second is a $54 million construction loan for Embassy Suites at Sunset Walk, a condominium hotel project in Kissimmee, held by Centennial Bank.

The Registry at Grass Lake will be located at 14544 Avalon Road and will be composed of two five-story buildings on an 18-acre lot. The 320-unit multifamily community will encompass studio, one-, two- and three-bedroom apartments and will include some dedicated student housing, according to Yardi Matrix data. Common-area amenities will include a swimming pool, a clubhouse, a fitness center, concierge service, outdoor grills, a bike storage area and 557 parking spots.

The project is situated close to U.S. highways 27 and 192, as well as multiple retail destinations, including a Walmart and Lowe’s. Big employers in the area, such as Disney World and Disney’s Hollywood Studios, are within 8 miles.

Orlando-area designers

Ditman Architecture will oversee the development, expected to come online in 2024, according to the company. Brossier will be the developer. Chesapeake Homes is the owner of the project, according to Yardi Matrix. The company acquired the development site in October 2021 for $6.5 million, according to Orange County records.

Concord Summit Managing Director Kevin O’Grady, Director Justin Neelis and Senior Analyst Daniel Rojo facilitated the financing for both projects.

Earlier this month, Indigo Champions Ridge traded for $101 million. The Class A 300-unit community in Davenport, another nearby Orlando-area suburb, was completed this year.

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