Florida & Gulf Coast + Hospitality | July 17, 2019

Ladder Capital Provides $58M Refinancing for Fort Walton Beach Hotel Portfolio

Ladder Capital Finance provided a $58.5 million loan to refinance a 330-room, two-property hotel portfolio in Fort Walton Beach. The hotels reside on a ground lease held with the United States Air Force, with 45 years of remaining term.

The portfolio includes the 178-room Hilton Garden Inn Fort Walton Beach, and the adjacent 152-room Holiday Inn Resort Fort Walton Beach. The Hilton Garden Inn is located at 1297 Miracle Strip Parkway SE and was completed in 2017. The Holiday Inn Resort opened in 2014, and is located at 1299 Miracle Strip Parkway SE.

Jeff Bucaro, Rebecca VanReken and Nicole Aguiar of JLL secured the financing on behalf of the borrower, Innisfree Hotels and its partner, the Band of Poarch Creek Indians. Proceeds of the loan were used to pay off the original construction financing, and provided more than $8.4 million of cash back to the borrower.

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About David Cohen

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.