Berkadia has arranged $140 million in combined financing for four extended-stay hotels totaling nearly 1,000 rooms that will be part of Flamingo Crossings, a master-planned development located at the western entrance to the Walt Disney World Resort in Orlando. Justin Ownby of Berkadia’s Tampa office together with Adrienne Kautzman and Mauricio Rodriguez of Berkadia’s Hotels & Hospitality team arranged the financing on behalf of the borrower and developer, Huntsville, Ala.-based Doradus Partners. The Berkadia team secured the four-year, adjustable-rate, non-recourse construction loan through a private lender. The properties include a 223-room Residence Inn by Marriott, a 273-room Fairfield Inn & Suites by Marriott, a 229-room Homewood Suites by Hilton and a 272-room Home2 Suites by Hilton. The four properties, which will be managed by Yedla Management Co. Inc., are slated for completion in the fall of this year. The complex will have a structured parking garage, pools and a sports facility to include a soccer field, basketball court and batting cages. Flamingo Crossings will also feature a 200,000-square-foot retail hub with over 50 stores. Source: RE Business
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