Dwight Schar, who founded nationwide homebuilder NVR, reportedly just scored the construction financing he needs to move forward with a $282 million JW Marriott Hotel project in Orlando’s Walt Disney World.
The $218 million financing package was split between a $147 million first loan from Bank of the Ozarks and a $71 million mezzanine loan from Brevet Capital Management, according to the Wall Street Journal. Both loans will go toward building a hotel and resort with 516 rooms that is expected to open in 2019.
Kevin O’Grady, managing director of the firm Walker & Dunlop that brokered the deal alongside SRF Ventures, told the Journal that construction financing has become scarce in commercial real estate over the past year. However, he said there were still eight lenders total jockeying for pieces of this particular project.
The Marriott-branded resort isn’t the only Disney development slated to open its doors next year. Walt Disney Co. will also cut the ribbon on its newest Star Wars themed attraction that spans 14 acres.
Both Walt Disney World and the land surrounding it have consistently been hotspots for new development.
In May, a partnership between LaSalle Investment Management and O’Conner Capital Partners announced plans to build a $135 million retail center with 456,000 square feet near the tourist hotspot. [Wall Street Journal] — Sean Stewart-Muniz