Edgewood Capital provides $7 million bridge loan to FL investor

Kissimmee, FL Edgewood Capital has closed on a $7 million senior bridge loan to help a Florida investor convert a hotel into a multifamily complex of studio apartments. The property was operating as an extended-stay hotel and is located less than 30 minutes from Disney Resorts and 15 minutes west of downtown Kissimmee. 

The borrower, who recently purchased the property for $9.6 million, plans to invest $2 million to convert the hotel rooms into studio apartments with projected rents of $1,150 per month. Renovations are expected to include kitchenettes, upgraded bathrooms, plumbing, separate electric and sprinkler systems.

"The demand for housing and construction costs have made the conversions of older hotels a viable business plan in Orlando and other Florida cities, " said Edgewood Capital's founder Tom McDevitt.