The Kolter Group has closed on $42.6 million in financing for a Boca Raton Hyatt Place Hotel, Palm Beach County records show.
West Palm Beach-based Kolter paid $5.5 million for the site in March. The 12-story hotel, on the corner of South Federal Highway and East Palmetto Park Road, will include 200 rooms and an 8,000-square-foot restaurant. Ram Realty Services sold the property, a former 1-acre parking lot that serviced the office building next door, to Kolter earlier this year.
Regions Bank is the lender for the construction mortgage, according to county records.
When completed next year, the Hyatt will be located in downtown Boca Raton, near Palmetto Place apartments, which were completed in 2003, and the Merrill Lynch building next door, which sold for $25.7 million in September. This month, Clarion Partners sold the Bank of America financial building, which is west of the Hyatt site and the Merrill Lynch tower, for $36 million.
Kolter is also working on a 1,300-unit residential project across the street from the Scripps Research Institute in northern Palm Beach County. Kolter plans to build as many as 1,300 homes and townhomes over the next eight years on a 270-acre site near Interstate 95 and Donald Ross Road.