MidCap secures $16.2M construction loan for FL hotel

MidCap Hotel Loans has closed a $16.2 million construction loan for an EVEN Hotel by IHG. The new 110-room hotel will be located near the Orlando International Airport.

MidCap secured construction financing with a 36-month term and one 12-month extension option. The loan is interest only and total proceeds constitute a 75% loan-to-cost.

Taylor W. Grace, managing partner, MidCap Hotel Loans, represented the borrower. “It’s no secret that the commercial real estate lending business is tough right now,” he said. “This exciting transaction proves that the hospitality industry remains strong and lenders are ready and willing to close deals.”