AD1 scores construction loan for Dania Beach Hilton
115-key hotel is being developed near Kimco's Dania Pointe project
AD1 Global Hospitality just scored a $13.7 million construction loan for a Tru by Hilton hotel in Dania Beach.
Ocean Bank, one of South Florida’s largest banks with more than $3.8 billion in assets, is providing the financing for the six-story, 115-key hotel at 44 North Federal Highway. AD1 Global just broke ground on the project, which is near Kimco Realty Corp.’s 102-acre Dania Pointe development.
Axilla Capital’s Joel Mazur and Tom Fleming helped secure the two-year loan, which includes a twelve-month extension option and can convert to a fifteen-year term loan.
Records show AD1 Global affiliate Dania Airport Hotels LLC paid $1.25 million for the 18,600-square-foot development site last year. The hotel operator and developer is using EB-5 investors for the project. As part of the EB-5 program, foreign investors must make a minimum $500,000 investment in a project that creates 10 jobs for investors, in exchange for a visa.
Ocean Bank, an active lender in South Florida commercial real estate, is also financing construction of Melo Group’s Art Plaza apartments in Miami’s Arts & Entertainment District, and recently refinanced a shopping center Jeff Berkowitz owns in Kendall.