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Florida & Gulf Coast  + Florida  + Finance  |  June 12, 2019
David Cohen
By: David Cohen

Menin Secures $72M Loan for Hotel Development in Delray Beach

Menin Development secured a $72 million loan for the development of The Ray Hotel, a 141-room hotel and Esplanade Plaza, as well as an adjacent 17,252-square-foot retail center. Located at 241 and 247 2nd Ave., the property is situated on a nearly two-acre lot in the Pineapple Grove neighborhood of Delray Beach.

Josh Zegen of Madison Realty Capital provided the financing to Menin. Construction on the development has begun, and the project is expected to take 24 months to complete.

The 220,636-square-foot hotel will operate under the Curio Collection brand by Hilton Worldwide. Features of the property include a lobby bar, five restaurants, a fitness center, rooftop lounge, infinity pool and outdoor yoga area. The hotel will also include a 6,000-square-foot courtyard at the lobby entrance.

For comments, questions or concerns, please contact David Cohen

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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.
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