Hollywood developers get $35M construction loan

Margaritaville rendering
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.

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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