Avison Young’s Florida Capital Markets Group says it has arranged a $30 million senior construction loan with an undisclosed bank to develop MAX Daytona, a 72-unit vacation rental project at 1901 S. Atlantic Ave. in Daytona Beach Shores.
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.”