Avison Young’s New York City-based Debt, Joint Venture and Structured Capital team has secured a $44 million construction loan for the first phase of Henderson Beach Resort, a five-phase resort located along the Gulf of Mexico in Destin, Florida.
Principal David Eyzenberg and associate Amanda Saltzman managed the assignment to secure the loan from Ozark Bank on behalf of the project sponsor, Dunavant Enterprises.
The project’s first phase, which comprises a 170-key hotel and conference center offering private beach access that will be managed by Salamander Hotels & Resorts, includes an EB-5 funding component of approximately $50 million.
“Because the property is located in a non-primary market and includes an EB-5 component with ongoing fundraising efforts, the sponsor was required to implement a pari-passu funding structure with the lender,” commented Eyzenberg.
“Leveraging our strong network, we were able to identify a lender that was familiar with the Destin market and comfortable with the underlying collateral, liquidity and experience of the sponsor.”