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