Polk hotel-to-apartment conversion project obtains $30M loan

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.

The company declined to give a specific timeframe Friday or to disclose the terms of the loan issued by Bridgeinvest.

The project, the Jade, is made up of 182 one-bedroom and 56 two-bedroom apartments. The average unit size is 571 square feet.

The first 144 units were delivered mid-2024, with the remaining 94 units expected to be completed imminently.

Still Property, according to its website, is an umbrella organization that includes The Hutton Group and Still Real Estate. It “leads the strategy, capital formation, and execution across a national portfolio of adaptive reuse and residential transformation projects.”

Still Property has offices in New York City, Los Angeles and Tampa.