Marcus & Millichap Capital Corporation (MMCC) arranged a $19,235,000 loan for the construction of the EVEN Hotel Doral, located at 10770 NW 25th St. in Doral, Florida.
Robert Bhat, Senior Managing Director, Capital Markets, based out of MMCC's Miami office secured the financing.
"This is a development of a 125 key EVEN Hotel by IHG. The primary sponsor is a well-established foreign national who partnered with Miami-based ASI Global, to raise capital through an EB5 program and manage the development. Given the experience of the development group and strong market occupancy, we were able to secure a $12.1 million conventional bank construction financing with a 10-year term. A $7.1 million PACE loan was secured to provide additional financing. The combined loan to cost is of 65%," said Bhat.