Driftwood Secures $47M Refi for W. Palm Beach Hotel
Driftwood Capital secured $47 million in refinancing for Driftwood’s Canopy by Hilton West Palm Beach Downtown. The full-service hotel is situated in the heart of West Palm Beach. A Berkadia team led by Michael Weinbergand orchestrated the financing on behalf of Driftwood. Bank of America was the source of the funds. The newly secured financing is a three-year, full-term, interest-only loan with two one-year extension options.
The 12-story hotel holds 150 rooms at 380 Trinity Place, a block north of Lakeview Avenue. Driftwood completed the 126,540-square-foot building in 2020. The hotel amenities include a fitness center, more than 3,000 square feet of meeting space, an outdoor rooftop pool deck, and two food and beverage venues: Banter, a 3-course restaurant on the first floor, and Treehouse Rooftop Bar, that serves poolside cocktails and meals with from the 13th floor.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.