LV Lending, a local private lender focused on bridge loans for commercial and residential investment properties and developments, announced the closing of $19 million for the refinancing of an 11.3-acre waterfront site at 135 E. International Speedway Blvd. in Daytona Beach. The financing will also be used towards the pre-development costs and construction of the marina.
The loan was facilitated by Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending on behalf of the borrower, Daytona Bluetide Group Limited Partnership, an affiliate of The Jaymor Group. Closing took place Aug. 11.
With the refinancing in place, the Canadian-based development firm plans to break ground in in Q1 2022 on Phase 1 of the master-planned mixed-use marina project, Daytona Gateway Marina, featuring a state-of-the-art, full-service, 138-slip marina designed to accommodate vessels ranging from 40 to 150 feet and a dry storage for 250 boats. Other phases of the development will include a mixed-use tower with 550 Class-A apartment residences and a boutique hotel. Complementing the development will be retail and restaurant spaces, structured parking garage and a waterfront activity plaza with green space.
This is the second project the two firms have worked on together. LV Lending also facilitated the refinancing for the development site of Monarch, which will deliver a 28-story mixed-use building with 360 residential units, a 150-key hotel, a five-story parking garage, and 14,239 square feet of ground-floor retail space in Downtown Orlando.
“We are thrilled to once again serve as a financial partner of The Jaymor Group, a team with great vision, transparency and a tremendous track record of execution and success,” said Niño, CEO, LV Lending. “We pride ourselves on building long-term partnerships with our clients and are proud to have played a role in the recapitalization of this spectacular waterfront development site.”
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