The Real Deal Miami

Aloft Coral Gables hotel nabs $26.95M mortgage

The project recently broke ground

November 11, 2014 05:15PM

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The developers of Aloft Coral Gables hotel scored a $26.95 million mortgage to fund construction.

Miami-based Ocean Bank provided the loan to Coral Gables Miracle Mile Hotel for an initial period of two years, with a potential extension for up to 10 years, according to the South Florida Business Journal.

The company recently broke ground at the site on 2524 LeJeune Road, which it acquired for $4 million in 2012.

When complete, the property will include 137 rooms for Starwood Hotels & Resorts’s Aloft brand, 34 separate units for the Sojourn boutique and a 4,200-square-foot restaurant. [South Florida Business Journal]Christopher Cameron