The development team behind the planned $170 million Visions Resort & Spa Orlando near Disney just closed a $26.7 million construction loan.
Urban Network Capital Group (UNCG) plans to break ground as soon as Osceola County approves its site development plan. The 42-acre resort will be located at the intersection of the future Celebration Boulevard extension and County Road 532, adjacent to the Reunion Resort and will include a mix of condos, townhomes, vacation homes and a future apartment complex. UNCG Principal Robert Thorne told GrowthSpotter in December that the first two phases has already been pre-sold to investors.
Miami-based LV Lending provided the construction financing. Peruvian-based V&V Group is also an equity investor in the project.
“We are extremely appreciative of LV Lending’s support of Visions Orlando,” Thorne said in a statement. “We have had phenomenal sales results to our initial phases, a testament to both the product and Orlando’s booming vacation rental real estate market.”
The centerpiece of the resort will be its 12,000-square-foot clubhouse, which will include a gym with Pilates, yoga, steam room and sauna. It will also have an onsite restaurant and lounge, movie theater, kids’ room, arcade with driving simulators and a business center with video presentation.
The club spills out into an outdoor water park with a pool, Jacuzzis, cabana with wet bars, fire pits and a playground. Guest will also have access to a croquet lawn, tennis, volleyball and pickle ball courts, a putting green and bike share program. The project consists of a variety of product types, defined as follows:
Illusions | 48 single-family homes that will offer seven- and eight-bedrooms and feature modern architecture, functional living spaces, and a guest lounge with ambient music. Prices start at $799,000.
Reflections | 132 townhomes that will offer five- and six-bedrooms and feature European technology for superior water and air quality, patios, and water views. Prices start at $629,000.
Inspirations| 181-key, 5-story condo hotel that will offer one- and two-bedrooms and feature chic loft-style, flexible design elements, and owner-only on-site amenities and services. Prices start at $235,000.
“Visions Orlando is an ideal community, and we are pleased to serve as the financial partner to Robert and his team at UNCG on this development,” said Camilo Niño, principal, LV Lending. “They are bucking the current market adjustment through a genuinely unique offering.”
The loan closed a week before the owner of the adjacent property sold the 24.6-acres site to an affiliate of California-based GCI General Contractors for $3.2 million. That property was rezoned in 2022 to Community Center Core.
Taylor Morrison also scored $28.56 million in construction financing from Western Alliance Bank for its new Build-to-Rent brand, Yardly, in Kissimmee.
The Arizona-based homebuilder launched its own BTR brand in 2022 focusing mostly on single-story cottages and townhomes. Taylor Morrison BTR President Darin Rowe told GrowthSpotter that the project in Shoppes of Bellalago is one of three communities in the pipeline in Central Florida, and it’s the first to introduce one of its newer concepts with a mix of townhomes and quadruplex buildings.
Each unit will still have a private yard, he said. “Each site being different, thinking about amenities and efficiencies when you have a smaller project, Bellalago will be roughly 106 or 107 units, so it will be on the smaller end of what we traditionally build.”
Rowe said Taylor Morrison Yardly will act as its own general contractor and will break ground this spring at Bellalago and DeLand.
Despite interest rate hikes and high inflation, capital markets continue to be bullish on the BTR sector, especially here in Orlando. Mill Creek Residential and MAS Development have also secured construction loans in the last few weeks for purpose-built rental communities in Central Florida.
Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @byLauraKinsler. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.