Commercial real estate news releases from Avison Young
Quarterly and topical research insights to help your business gain competitive edge in commercial real estate.
Avison Young arranges $30M construction loan for MAX Daytona, a luxury vacation rental development in Daytona Beach, FloridaJune 14, 2021
Daytona Beach, Fla. – Avison Young’s Florida Capital Markets Group announced today that it has arranged a $30 million senior construction loan with an undisclosed bank to develop MAX Daytona, a posh 72-unit vacation rental project at 1901 S. Atlantic Avenue in Daytona Beach Shores, Florida.
Avison Young Principal George Vail and team sourced the loan on behalf of Bayshore Capital Inc., a Toronto-based real estate development and investment firm. Bayshore Capital had acquired land with over 2,100 linear feet on the ocean, including the MAX Daytona site, plus five acres of commercial property west of State Road A1A in the Daytona Beach market, making it one of the largest beachfront landowners in the area.
“MAX Daytona’s high standard of quality coupled with the strong sponsorship of Bayshore Capital drew strong interest from multiple lenders,” said Vail. “Once completed, the project is poised to capture a significant market share of the Daytona Beach hospitality market and become the market leader.”
Designed with the highest quality standard in the market, the well-appointed MAX Daytona features include a full-height glass exterior, expansive open floor plans with oversized private outdoor living space, rooftop terraces, mobile and contactless self-check-in, cloud-based operations, and several in-suite conveniences such as fully-equipped laundry and kitchen areas, creating a luxurious and personal hospitality lifestyle.
Daytona Beach’s hospitality and tourism are experiencing a strong recovery from the temporary decline in business caused by the pandemic. The market has consistently outperformed the country across metrics, including occupancy and average daily rates.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
Follow Avison Young
For more information:
George Vail, Principal, Avison Young: 305.447.7869