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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.