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Space Coast Hotel Developer Secures $207M Construction Loan
Driftwood Capital (“Driftwood”) secured a total of $207 million in senior construction financing and Commercial Property Assessed Clean Energy (C-PACE) financing for the Westin Cocoa Beach Resort & Spa on Florida’s Space Coast. Breaking ground in September 2024, the $420 million, 502-key resort is scheduled to open in 2027.
City National Bank of Florida provided $70 million in construction financing, with Bayview PACE, a division of Silver Hill Funding providing $137 million in C-PACE financing. Driftwood also secured a $50 million credit facility from Amerant Bank at the holding company / fund level.
The Westin Cocoa Beach Resort & Spa will feature:
- 11 food and beverage venues including themed restaurants
- A world-class spa
- Surfing wave pool
- Swimming pools
- Tennis and pickleball courts
- Fitness center with cardio and weights
- Multiple retail options
- A multistory parking garage to accommodate about 800 vehicles
Located at 1300 N Atlantic Ave in Cocoa Beach, the resort will offer 72,000 square feet of open-air venues for meetings and events, complemented by 51,500 square feet of indoor space designed for gatherings and conferences.
- ◦Development
- ◦Financing
