The financing was arranged by Chicago-based Cohen Financial and will pay for the acquisition, development and construction costs associated with the project. The lender was a regional bank. More than half of the sites are located on the lakefront or wetland preserve. The resort will feature an Olympic-size pool, tennis courts and a clubhouse.
Cohen Financial managing directors Kevin O'Grady and Daniel Sheehan represented the buyer. Sheehan tells GlobeSt.com that prices for the sites will start at $50,000. Work on the project, which will be constructed in three phases, is expected to begin within the next few months. The first phase is expected to be completed in 12 to 15 months. "The build-out for the project will be about three years, but it demands on the market demand for the sites," he says.
The project is adjacent to the only Publix Super Market in Okeechobee County. It is also located within one-quarter mile of Lake Okeechobee, a popular fishing destination.
There is a growing demand for high-end RV developments in the US due to limited supply and the fact that baby boomers are seeking property in high-end RV communities that appeal to seasonal travel schedules. Supply continues to shrink as RV parks are developed into more traditional "brick and mortar" residential and retail developments. "The unique thing about this type of financing transaction is that it is fairly insensitive to the types of concerns facing other property types, such as job growth," Sheehan says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
