PACE Loan Group Closes $13.82M C-PACE Loan For Kissimmee Hotel Conversion

A Kissimmee hotel located at 2950 Reedy Creek Boulevard has secured a refinancing loan of $13,820,000 from PACE Loan Group. The loan, facilitated in partnership with the Florida Development Finance Corporation, aims to convert the hotel into workforce housing. With a total of 151 keys, this property will undergo renovations, anticipated to be completed by May 2024.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $13,820,000
• Address: 2950 Reedy Creek Boulevard, Kissimmee
• Market: Kissimmee
• Lender: PACE Loan Group
• Loan Type: Refinance

This financing deal represents the largest C-PACE loan in Central Florida and the third largest in the history of the Florida Development Finance Corporation's C-PACE program. The collaboration between PACE Loan Group and the Florida Development Finance Corporation highlights their commitment to transforming the Kissimmee hotel into much-needed workforce housing. The project is set to bring positive changes to the area and accommodate the demands of the local workforce.