The Orlando office of GMAC Commercial Mortgage Corp. arranged the floating-rate construction financing. GMAC vice president Jack Martinez brokered the loan. A Ginn subsidiary, Ginn-La Marina Ltd. LLP was the formal borrower.
The new financing comes as Ginn's companies enjoy record sales at several new projects. For example, at the developer's newest community, the 1,900-acre Bella Collina on Lake Apopka in Lake County, 400 lot sales totaled $174 million over a four-hour blitz as 1,000 buyers vied for the properties last week, as GlobeSt.com previously reported. Three weeks earlier, Ginn's marketing team sold $170 million on 712 home site transactions at Reunion Resort & Club in Polk County.
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