The developer of Kissimmee's Margaritaville Resort has secured $40.6 million in financing from an Arkansas-based bank to complete the shopping center at the entrance to the Jimmy Buffett-themed resort.
Encore Capital Managementtransferred the 40-acre shopping center, Shoppes at Rolling Oaks, to a new affiliate company headed by Encore CFO John Chiste at an $8.35 million valuation.
Bank of the Ozarks approved the loan on Feb. 24, along with assignment of rents. Encore Manager Jim Bagley confirmed the loan is for the retail portion of project.
The shopping center, which flanks the main entrance road to the resort, will have 200,000 square feet of retail, including a 40,000-square-foot movie theater, according to building plans.
Encore officials have been tight-lipped about the tenants, but said the shopping center will have a live music venue. The large open lawn area with sound stage will stretch along Margaritaville Boulevard between two corridors of shops and restaurants.
The resort, scheduled to open in 2018, features the Orlando market's first Margaritaville-branded hotel, along with 900 vacation cottages, 300 timeshare units, 150 condos and a 12-acre water park.