$29M Construction Financing for Fort Lauderdale Dual-Branded Hilton Development
Mission Capital Advisors arranged $28.5 million in non-recourse financing for the construction of a 218-key, Hilton-franchised hospitality property in Fort Lauderdale’s trendy Flagler Village neighborhood. A joint venture of Fort Lauderdale-based Merrimac Ventures and Driftwood Acquisitions and Development secured the loan from Bank OZK.
The 19-story property at 315 Northwest 1st Ave. will feature two Hilton-branded offerings. The 106-key Home 2 Suites will be an all-suite facility, featuring an array of in-room and public amenities, including conference and workspace areas and in-room kitchens. The 112-key Tru by Hilton will be designed for young professionals and travelers, and will feature an amenity package that includes a fitness center, game room and lounge.
The two hotels will have separate lobbies, and will each have access to the building’s 102 parking spaces and a 5,000-square-foot outdoor pool deck and bar.
Mission Capital’s Jordan Ray, Stephen Emery, Ari Hirt, Jamie Matheny and Lexington Henn represented the JV.
For comments, questions or concerns, please contact Dennis Kaiser