US-based finance service corporation Marcus and Millichap Capital has secured a $19.235m loan for the development of Even Hotel Doral in Florida.
A part of IHG Hotels and Resorts portfolio, Even Hotel Doral features 125 guest rooms and will be located at 10770 NW 25th Street in Doral, according to media sources.
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Fort Lauderdale-based OptimumBank is reported to have provided the $12.1m loan. ASI Global is developing the property.
Marcus and Millichap Capital Capital Markets senior managing director Robert Bhat said: “The primary sponsor is a well-established foreign national who partnered with Miami-based ASI Global to raise capital through an EB5 programme and manage the development.
“Given the experience of the development group and strong market occupancy, we were able to secure a $12.1m conventional bank construction financing with a ten-year term. A $7.1m PACE loan was secured to provide additional financing.”
Robert Bhat secured the funding and the combined loan-to-cost was 65%.
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By GlobalDataLast week, Marcus and Millichap Capital closed the Best Western Plus French Lick sale in French Lick, Indiana. The hotel was sold at a value of $7.5m.
The three-story hotel features 68 guest rooms and offers amenities, including a business centre, indoor pool, fitness centre and free breakfast.
Marcus and Millichap Capital Investments vice-president Scott Havericak said: “We had a competitive sales process with multiple strong offers.
“Even though the capital markets were difficult to navigate, we closed the transaction at the contract price and both buyer and seller were happy with the process and deal.”
