AD1 scores construction loan for Dania Beach Hilton

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

Sep.September 12, 2018 12:00 PM

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.

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.

Related Articles

Charles Cohen and Design Center of the Americas

Charles Cohen on DCOTA’s next chapter, his new hotel and producing movies

Matt Rieger and a rendering of Paradise Lake Apartments

Developer scores financing for West Kendall affordable housing project

Arnaud Karsenti, Michael Adler and the Link at Douglas

Douglas Station project scores $99M loan for second tower

321 North Federal Highway and a rendering of the project (Credit: Google Maps)

Dania Beach approves Avid Hotel on Federal Highway

Charles Cohen, Design Center of the Americas

DCOTA refinances, avoids foreclosure

Spirit CEO Ted Christie and a rendering of the future Spirit Airlines headquarters 

Spirit Airlines closes on site for new Dania Beach HQ

Juan Carlos Jurado and 1301 Southwest 12 Avenue (Credit: Google Maps)

Affordable housing project planned for Dania Beach

Brickell Flatiron and Ugo Colombo

Ugo Colombo pays off $236M construction loan for Brickell Flatiron