Huntsville, Alabama Doradus Partners just scored a $140 million construction loan to finance four hotels underway in Disney’s master-planned Flamingo Crossings community.
Dallas-based HALL Structured Finance provided the financing. This is the company’s fifth loan closed in the Orlando market in the last five years.
Justin Ownby, Adrienne Kautzman and Mauricio Rodriguez with Berkadia Commercial Mortgage sourced the financing for the project.
Located on the northern side of the Flagler Avenue in Flamingo Crossings, the four hotels will include a 223-room Residence Inn by Marriott, a 273-room Fairfield Inn by Marriott, a 229-room Homewood Suites by Hilton, and a 272-room Home 2 Suites by Hilton.
All four hotels are currently under construction and are slated for completion in fourth quarter 2020.
The new hotels will share a five-story parking garage, surface parking and a sports court. Because the hotels are located within Disney’s Flamingo Crossings community, rooms will be bookable as part of Walt Disney Travel Company packages.
Doradus’ affiliate, Yedla Management Company, will manage the properties.
Flamingo Crossings spans about 450 acres along Walt Disney World’s western entrance and will feature about 1,300 multifamily units planned for its college intern program and 5,000 hotel and timeshare rooms.
At the heart of the community is a planned 200,000-square-foot town center that’s anticipated to consist of a mix of over 50 retailers and restaurants and more than 1,700 parking spaces.
Thoroughfares in the area, Western Way and Harzog Road, are currently being expanded. Western Way, which runs through Flamingo Crossings, is being constructed as a new four-lane roadway that will extend roughly 1.6 miles west to Avalon Road.
Last year, a representative with Fore Property Company told GrowthSpotter the firm is planning to develop a 352-unit apartment complex overlooking Lake Britt, just south of Flamingo Crossings Boulevard.