Baywood scores $31M loan to build hotel near Miami International Airport

Baywood bought the property in July for $10.5M

Miami /
Jun.June 17, 2020 12:30 PM
Al Patel, President of Baywood Hotels and 1101 Northwest 57th Avenue (Credit: Google Maps)

Al Patel, President of Baywood Hotels and 1101 Northwest 57th Avenue (Credit: Google Maps)

Baywood Hotels scored a $31.3 million construction loan for the site of a building shell that has sat empty near Miami International Airport for years.

Two companies tied to Columbia, Maryland-based Baywood secured the loan from Banesco USA to build a 218-room hotel at 1101 Northwest 57th Avenue, records show. Baywood secured a notice of commencement with the county in June to start building the project.

Nearly a year ago, Baywood paid $10.5 million for the 1.4-acre property. The site had been home to a building shell that was formerly a nine-story hotel constructed in 1972.

Baywood’s hotel will be built inside the Waterford at Blue Lagoon office park, where Airbus, FedEx and Burger King all have offices.

Weiss Group of Companies is also planning to build a mixed-use development at Blue Lagoon with 882 apartments and two hotels totaling 433 rooms.

Baywood is an active hotel developer in South Florida, with a number of properties near Miami International Airport.

Last year, Baywood paid $13.1 million for a Red Roof Inn east of Miami International Airport at 3401 Northwest 42 Avenue. The firm also closed on a $16.6 million construction loan last year to build a 134-room Home2 Suites by Hilton on the west side of the airport at 8852 Northwest 26th Street.


Related Articles

arrow_forward_ios
Rendering of the Dorsey with Alex Karakhanian, Jon Paul Perez and Tricera’s Scott Sherman and Ben Mandel (iStock)
Related scores $88M construction loan for Dorsey project in Wynwood
Related scores $88M construction loan for Dorsey project in Wynwood
Ari Pearl, Jonathan Leifer and 9540 West Bay Harbor Drive. (Wyndam Hotels, PPG Development, L3C Capital Partners)
Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure
Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure
From left: Tom Brady and Gisele Bündchen; Pharrell Williams; Sylvester Stallone and Jennifer Flavin; Jared Kushner and Ivanka Trump (Getty, iStock)
South Florida’s biggest real estate stories of 2020
South Florida’s biggest real estate stories of 2020
Shelborne South Beach and Seagull Hotel (Shelborne, Google Maps)
Here are South Florida’s biggest hotel sales in 2020
Here are South Florida’s biggest hotel sales in 2020
The Gale Hotel with Harvey Hernandez
Banyan Investment buys Gale Fort Lauderdale hotel from Harvey Hernandez
Banyan Investment buys Gale Fort Lauderdale hotel from Harvey Hernandez
Francisco Martinez Miyashiki (forefront) and Francisco Martinez Celeiro with 16805 Northwest 12th Avenue (Linkedin, Wikipedia Commons, Google Maps)
Former actor sells Miami Gardens hotel for $6M
Former actor sells Miami Gardens hotel for $6M
Renderings of 502 NY 207th Street and Coastland Construction president Alex Rodriguez (Coastland, Miami Gardens)
Touchdown! Housing development near Hard Rock Stadium scores $38M loan
Touchdown! Housing development near Hard Rock Stadium scores $38M loan
Paul Lardi and 200-212 Collins Avenue (Linkedin, Alex Zylberglait/Marcus & Millichap)
South Beach property sells for $6M, buyer plans apartment-hotel
South Beach property sells for $6M, buyer plans apartment-hotel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...