Developer gets $24M loan to build an Aloft in Delray

Samar Hospitality obtained the construction loan from Manufacturers & Traders Trust Co

TRD MIAMI /
Apr.April 29, 2017 10:20 AM
Renderings of the Aloft Delray Beach

Renderings of the planned Aloft hotel in Delray Beach

The developer of an Aloft hotel in Delray Beach obtained a $24 million construction loan to build it as part of a mixed-use project.

Samar Hospitality got the loan from Manufacturers & Traders Trust Co. The bank, which had made a $1.5 million loan to Samar in 2014 to finance its acquisition of the Delray Beach development site, boosted the loan balance by $22.5 million.

Jericho, New York-based Samar, led by Alan Mindel, bought the 1.7-acre development site for $2.54 million in 2014. The property address is 202 to 272 Southeast 5 Avenue in Delray Beach.

Samar recently secured city approval for a five-story, mixed-use building with 122 Aloft hotel rooms, 35 condominium units and 6,280 square feet of retail store space.

Aloft Delray Beach is scheduled to open in 2019, according to the website of Starwood Hotels.

Just north of the Aloft site, the Atlantic Avenue corridor of Delray Beach has emerged as a popular destination for dining and shopping. [South Florida Business Journal]Mike Seemuth


Related Articles

arrow_forward_ios
Rendering of Ocean Delray

Ocean Delray nabs $73M construction loan

Photo illustration of Grant Cardone (Credit: iStock)

A look at Grant Cardone’s real estate portfolio and how he raised $15M in 90 minutes at Marlins Park

ABC Carpet & Home

Collier family converting former ABC Carpet & Home in Delray to facility for car collectors

From left: Joseph Maas, Susan Burrell and Paul Burrell of TMT Properties and 190 Congress Park Drive (Credit: Google Maps)

TMT Properties buys Delray Beach offices

Atlantic Crossing and Pearlmark's Mark Whitt

Delray Beach’s Atlantic Crossing snags $45M investment

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

arrow_forward_ios