North FL Hotel Project Lands $20M Financing
- Mar 08, 2019
Hotel developer 3H Group has taken $19.5 million in construction financing for its 108- to 112-key Homewood Suites by Hilton development in St. Augustine, Fla., according to county records. Western Alliance Bank originated the mortgage, which bears a variable interest rate.
Located alongside the San Sebastian River at 10 Prawn St., the 4.2-acre project site is less than 1 mile west of St. Augustine’s city center. The area is home to a wide variety of hospitality assets, with a 50-key boutique hotel planned for development just north of the Homewood Suites’ location. Approximately 5 miles east of the property, another Hilton-flagged hotel opened its doors in December.
The developer submitted plans for the hotel to the St. Augustine Planning and Zoning Board in 2017. The five-story building will connect with an existing marina adjacent to the site and amenities are set to include covered parking at the building’s ground floor and an outdoor swimming pool overlooking the San Sebastian river.
Lindsay Pope Brayfield Clifford is designing the project, with Carter Environmental Services and Gulfstream Design Group providing permitting and engineering support.
Image via Google Earth