Marriott hotel in Surfside gets $35M construction loan

Miami /
Dec.December 30, 2013 03:50 PM

Atlanta-based Hotel Development Partners and Surfside-based Transacta Lanai Developers have nabbed a $35 million construction loan for a 175-room hotel in Surfside. The Marriott Residence Inn at 9200 Collins Avenue will break ground in January and will rise on an 8,250-square-foot lot.

The loan was provided by Miami-based Ocean Bank, Silvia Sabates Coltrane, a manager at Transacta Lanai, told the Daily Business Review. The money will account for about 65 percent of the total construction cost, Coltrane said.

Transacta Lanai paid $6.1 million for the site in 2004, according to the Business Review, and had intended to build a luxury condominium. But Coltrane said the firm switched plans in 2007, although it had already sold 50 percent of the units.

“It was very difficult to get financing until the last 12 months,” Coltrane said. “The financing just wasn’t there so we just held on to [the property] until the market changed.” [Daily Business Review]  – Hiten Samtani


Related Articles

arrow_forward_ios
Eighty Seven Park next to the collapsed Champlain Towers South (Getty)
Condo tower Eighty Seven Park, Collins Avenue still closed amid concerns of possible street collapse
Condo tower Eighty Seven Park, Collins Avenue still closed amid concerns of possible street collapse
Jared Kushner and his wife Ivanka Trump have a condo in Surfside and an estate in Indian Creek (Getty)
South Florida resident Jared Kushner to launch Miami investment firm
South Florida resident Jared Kushner to launch Miami investment firm
The Florida State Board of architecture’s order to suspend William Friedman for six months
Architect who designed the collapsed Surfside condo was previously suspended after toppling of other structures
Architect who designed the collapsed Surfside condo was previously suspended after toppling of other structures
(Google Maps, Corcoran)
Miami-Dade County condo sales fall sharply first week of July
Miami-Dade County condo sales fall sharply first week of July
Surfside, Florida (Getty)
Palm Beach County plans to ratchet up inspections for older high-rises, Surfside announces reviews for all buildings east of Collins
Palm Beach County plans to ratchet up inspections for older high-rises, Surfside announces reviews for all buildings east of Collins
Champlain Towers South, before it was demolished late Sunday. The condo association had requested approvals from Surfside officials for repair work in the days leading up to the partial collapse. (Getty)
Days before condo fell, urgent requests faced bureaucratic replies
Days before condo fell, urgent requests faced bureaucratic replies
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Rest of Champlain South to be demolished Sunday ahead of Tropical Storm Elsa
Rest of Champlain South to be demolished Sunday ahead of Tropical Storm Elsa
Champlain Towers South (Getty)
Champlain Towers South insurers gear up for legal claims
Champlain Towers South insurers gear up for legal claims
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...