The Grove Resort and Spa, LLC, a joint venture between entities owned by funds managed by real estate investment manager Westport Capital Partners and South Florida based developer BTI Partners has raised $55.26 million of tax-exempt bonds. The funding will be used for the The Grove Community Development District located three miles from Walt Disney World Resort’s Western Way entrance. The 106 acre destination resort has 878 condo hotel suites on Lake Austin, amid a portion of Central Florida’s conservation grounds
The bond proceeds, sourced through FMSbonds, Inc., are expected to fund the construction of a water park, public parking garages and infrastructure associated with the mixed use development. The bonds are backed by special assessments levied on the lands within The Grove Community Development District.
FMSbonds, Inc. of Miami, Florida was the sole underwriter on the transaction. The first phase of the scheme opened in March 2017. “It was important for our venture to secure a financing structure which appropriately valued the significant infrastructure invested in the resort to date and the work that we are in the process of completing,” said Russel Bernard, Managing Principal of Westport Capital Partners LLC.