PRESS RELEASE: SCP Closes $113.5M Loan for The Loren at Turtle Cove Residences in Turks and Caicos Islands

Silverstein Capital Partners (SCP) – Silverstein Properties’ real estate lending platform – closed on a $113.5 million construction loan for The Loren at Turtle Cove in Providenciales, Turks and Caicos.

Previously, SCP provided a construction loan for The Loren Hotels and Residences in Austin. The Loren at Turtle Cove will be the third branded Loren hotel.

“Our team is delighted to support another best-in-class project by The Loren Hotels,” said Michael May, President of SCP. “The deal marks our first project outside of the United States.”

The 152,700-square-foot mixed-use project will comprise 25 luxury for-sale residential condominiums, 33-key Loren Branded Hotel, 5 beachfront villas, and a 32-slip marina and extensive amenities including a beach club, restaurant, spa, and fitness center. This is the second collaboration between luxury hospitality property designer Rhodes Partners and Sardis Developments.

SCP focuses on providing a variety of loan types including construction, bridge, whole loans, and mezzanine loans on all major product types in urban markets in North America. Since its inception in 2018, SCP has committed $3.2 billion concentrated in construction and condo inventory loans. In early 2022, SCP closed on its $2.0 billion third fund and has raised a total of $4.6 billion.