Kelly Olivieri Gilliland, Executive Vice President of Horizon Mortgage Corporation, is pleased to announce the closing of a $17,645,000 construction-to-permanent loan for Princess K Investments. The transaction included a 24-month, interest-only construction loan which adjusts to a 10-year, fixed-rate permanent loan.
The purpose of the loan was to provide construction to permanent financing for a to-be-built 125-room, 8-story, four-star boutique hotel, which will be located on Ulmerton Road in Clearwater, Florida. The hotel will consist of a restaurant with a separate entrance and valet, sports bar, 1,373 SF of meeting space, an outdoor pool, spa, fitness room and business center. Horizon Mortgage Corporation served as the mortgage banker. Kelly Olivieri Gilliland, Executive Vice President, handled the loan origination.
Horizon Mortgage Corporation is a full-service commercial mortgage and real estate firm that was established in 1975 by N.J. Olivieri, and which is headquartered in Sarasota, Florida. Horizon Mortgage is very experienced and successful in providing financing for construction, permanent, and bridge loans as well as equity for all commercial property types on a nationwide basis. Horizon Mortgage is also a Florida
licensed commercial real estate broker with the ability to provide exceptional full-service to their customers.