CHICAGO, IL – Byline Bank’s Commercial Real Estate (CRE) Group is pleased to announce that it has provided $19.6 million in financing to T2 Capital Management, LLC (“T2”), an Illinois-based real estate investment company, as part of a joint venture for the acquisition of the six-story, three-building Baymont Hotel. The hotel will be converted to a 254-unit multi-family property, providing much-needed workforce housing to this growing area of Florida. Situated near Walt Disney World Resort and along the entry road to Disney’s Animal Kingdom Theme Park, the property will be known as West Bay Village and target hospitality and service workers.
“We were excited by the opportunity to help bring quality, necessary rental housing to a growing market,” said Matt Robertson, Senior Vice President and Team Lead, Commercial Real Estate of Byline Bank. “We are pleased to support Chicago-based T2 Capital Management in this deal and continue Byline’s strategy of building relationships with best-in-class sponsors.”
Following construction, the new multifamily development will have 204 studio apartments (350 sq. ft.) and 50 one-bedrooms (700 sq. ft.). The initial average rent per unit is projected to be about $930 per month, making the units affordable to workers, including the more than 75,000 Disney employees in the Orlando area. Initial occupancy is expected in the first quarter of 2022.
“We are mindful of the location and the demand drivers in the surrounding area,” Jeff Brown, co-founder and CEO at T2 Capital Management, told GlobeSt.com. “We have a desire at T2 to be helpful in the workforce housing space and to alleviate the shortage of price-point sensitive housing. We want to be part of the solution in that market, and that led us to do our first project in 2019.”
About Byline Commercial Real Estate Group
Byline Commercial Real Estate, headquartered in Chicago, IL, provides first mortgage loans secured by properties in the Chicagoland area as well as loans throughout the United States for Chicago based sponsors and other Byline customers. Since 2014, Byline Bank Commercial Real Estate group has worked hard closing loans for its target market, focusing on industrial, multi-family (including student housing), and office properties (including medical office). For more information visit: www.bylinebank.com/commercial-real-estate.
About T2 Capital Management, LLC.
T2 is an opportunistic, privately-held real estate investment firm that is based in Chicago. Since its founding in 2011, T2 has deployed $900+ million across the entire capital stack and among virtually all property types.