Ardent Cos Provides $10M Floating-Rate Loan To Cornerstone Residential For Hotel Redevelopment In Kissimmee

The property involved in this transaction is a hotel located at 5995 West Irlo Bronson Memorial Highway in Kissimmee, featuring 147 keys. The asset is undergoing redevelopment from a former Rodeway Inn into an upscale Ascend Hotel, maintaining its function as a hotel and proximity to Walt Disney World and other Orlando attractions.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $10,000,000
• Lender: Ardent Cos
• Landlord: Cornerstone Residential
• Broker: Dan Gorczycki - George Smith Partners
• Loan Terms: floating-rate

This transaction involves key contributions from Ardent Cos., which provided the loan, and George Smith Partners, responsible for arranging the financial aspects of the development. The project reflects a trend within the local market of revitalizing existing hotel spaces rather than converting them into residential units.