The Real Deal Miami

Hollywood developers get $35M construction loan

Hollywood required developers to show at least $80M in financing

July 22, 2013 04:00PM

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Margaritaville rendering

The developers of the Margaritaville Hollywood Beach Resort received a $35 million construction loan to move the $147 million project ahead, Daily Business Review reported.

Dallas-based lender Bank of the Ozarks gave the loan to Greenwich, Conn.-based Starwood Capital, the development team that revived the project. The company partnered with the original developer, Lon Tabatchnick of Hollywood, the publication said.

The city required Starwood to provide proof of at least $80 million in financing to launch the project. The resort plan, inspired by Jimmy Buffett’s music, is to build a 349-room resort with 35,000 square feet of exhibition space, 30,000 square feet of restaurant and bar space, as well as more retail space and a parking garage. Developers also showed documents indicating a $35 million bank loan was in progress.

The developers hope to open the resort in late 2015 or early 2016, the report said. [Daily Business Review]Mark Maurer

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