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Florida & Gulf Coast  + South Florida  + Hospitality  | 
Marcus & Millichap Capital Corporation has arranged a $19.235 million loan for the construction of the EVEN Hotel Doral

Marcus & Millichap Arranges $19.2M to Build EVEN Hotel in Doral

Marcus & Millichap Capital Corporation has arranged a $19.235 million loan for the construction of the EVEN Hotel Doral. The 125-key hotel by IHG will be located at 10770 NW 25th St. in Doral, FL.

“The primary sponsor is a well-established foreign national who partnered with Miami-based ASI Global, to raise capital through an EB5 program and manage the development,” said MMCC’s Senior Managing Director of Capital Markets Robert Bhat. “Given the experience of the development group and strong market occupancy, we were able to secure a $12.1 million conventional bank construction financing with a 10-year term. A $7.1 million PACE loan was secured to provide additional financing.” 

Bhat, who is based out of MMCC’s Miami office, secured the financing. The combined loan-to-cost ratio on the deal was 65 percent.

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About Angela Noote

Angela Noote is a native of Northern California and graduated from Chico State with a degree in public relations. After college she moved to the Central Coast and worked first in ad sales then in editorial, eventually spending more than a decade as a print reporter and editor. She detoured into design work at a printer/publisher, and with a partner eventually opened a boutique full-service marketing agency. Moving into corporate communications, she built and managed several successful marketing teams in the hospitality, financial services, and nonprofit industries. Most recently she was an internal comms manager in the tech sector. After a long stint spent in Georgia (Go Dawgs), she moved to Baton Rouge, LA and has written for clients in the financial, luxury imports, higher ed, commercial cleaning, and medical equipment industries. Her son is a media arts major at the University of South Carolina, and her husband owns a comedy theater in Baton Rouge, where you can often find Angi teaching improv classes, leading corporate training events, or doing an occasional stand up set.