AD1 scores construction loan for Dania Beach Hilton

115-key hotel is being developed near Kimco's Dania Pointe project

Rendering of Tru by Hilton hotel in Dania Beach and Daniel Berman AD1 Global
Rendering of Tru by Hilton hotel in Dania Beach and Daniel Berman AD1 Global

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.

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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.