ACRES Capital Provides $86M Refinancing for Ray Hotel Delray Beach
Real estate middle-market lender ACRES Capital Corp. has provided an $86 million loan to refinance The Ray Hotel Delray Beach, a member of the Curio Collection by Hilton brands. The Ray Hotel is in its final stages of construction and is slated to open in September 2021.
The 141-room property is located at 233 NE 2nd Ave. in Delray Beach and consists of four stories. The hotel features a 20,000-square-foot rooftop with an outdoor pool, restaurant and bar as well as 45,000 square feet of indoor and outdoor event space. The property also includes a 3,590-square-foot event space called The Cube, which was designed for weddings, charity functions, parties and other major events.
Richard Horowitz of Cooper Horowitz arranged the loan on behalf of the borrower, real estate development firm Menin Development. The deal was originated by the ACRES team of Drew Miller and James Bracco.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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