The Still Property Group, a developer specializing in residential conversion projects, has completed the transformation of a Polk County hotel and has borrowed $30 million to carry it through until the property is leased up.
The property, at 1150 3rd St. S.W., was a 330-unit downtown Winter Haven hotel which was converted into a 238-unit multifamily community with 4,500 square feet of ground-floor retail.
The loan refinances prior construction financing and “supports the asset as it approaches stabilization,” according to a statement…