Midtown Miami Hotel Lands $21M Construction Loan
The 153-room hotel—expected to open in mid-2019—will be situated at the corner of Northeast 34st Street and Biscayne Boulevard, a few blocks away from the Shops at Midtown Miami.
By Timea Papp
AC Marriott Miami Midtown
Aztec Group has arranged $21.3 million in construction financing for the development of AC Marriott Hotel, a 153-key hotel in Midtown Miami. Florida Community Bank provided the loan, secured by Aztec Managing Director Boaz Ashbel on behalf of Midtown Lodging 2 LLC.
Located at 3400 Biscayne Blvd., at the corner of Northeast 34th Street and Biscayne Boulevard, the new hotel is scheduled for completion in mid-2019. The location sees traffic counts currently in excess of 21,000 vehicles per day.
Amenities and features
Featuring a glass design, the property will include amenities such as a business center, restaurant and bar/lounge, fitness facility, swimming pool, meeting space, valet parking and guest laundry. 3H Hospitality will manage the property.
“We are currently at a point where landing a hotel construction loan, even in strong hospitality markets like Miami, poses a challenge,” Ashbel said in prepared remarks. “Despite that, this product offering—with its strong brand affiliation and highly-visible location, defies the odds. With a financially strong and experienced borrower, there was little doubt of securing favorable financing terms.”
In a recent financing transaction, Aztec Group worked with TotalBank to secure a $15 million loan for the construction of Comfort Inn & Suites Hotel in Miami Springs, Fla. Ashbel facilitated the deal on behalf of an entity led by Steven Marin and Michael Pfeffer.
Rendering courtesy of Aztec Group
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