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.