2950 Reedy Creek Blvd. in Kissimmee, Florida

PACE Loan Group Arranges $13.8 Million For Workforce Housing Conversion in Kissimmee, Florida

by Channing Hamilton

KISSIMMEEE, FLA. — PACE Loan Group arranged $13.8 million in financing to convert a 151-room hotel in Kissimmee into a workforce housing community. The Florida Development Finance Corp. provided a loan through its C-PACE Program, which allows property owners to obtain financing using a special assessment on their property tax bill as the repayment mechanism. The financing package also includes a $9.1 million loan from a regional bank.

The borrower, Infiniti Loft Investors, acquired the property following a previous gutting of the interior due to a hurricane. The asset was originally built in 1972 and is located at 2950 Reedy Creek Blvd. Infiniti Loft Investors plans to open the converted community in May 2024. Income restrictions were not disclosed.

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