South Florida Hotel Project Scores $72M Loan
- Jun 11, 2019
Menin Development has landed a $72 million first mortgage loan to build a boutique 141-key hotel in the Pineapple Grove neighborhood of Delray Beach, Fla. The loan is collateralized by the hotel project and an adjacent, existing retail center called Esplanade Plaza that measures 17,252 square feet.
Madison Realty Capital provided the loan for the development on a 1.9-acre lot at 241 & 247 NE Second Ave. Construction has begun and completion is expected in 24 months. The developer has received approval to build the hotel asset on the vacant southern half of the property and has already invested a “significant amount of cash equity” in the project, according to a statement.
Esplanade Plaza occupies the northern half of the site, which takes up an entire city block near Atlantic Avenue, the main thoroughfare in the heart of the city on Florida’s southeast coast. The four-story, 220,636-square-foot hospitality property will be dubbed the Ray Hotel and will operate under Hilton’s Curio Collection brand.
Building a boutique hotel
Gonzalez Architects is the lead architect, Moss & Associates is the construction manager and Clique Hospitality will oversee the food and beverage operations. Offering king rooms, double queen rooms and suites, the hotel will also feature five restaurants, an infinity pool and rooftop lounge, among other amenities. The restaurant, entertainment, and ballroom space will span 23,325 square feet and the development will also include a 179-space parking garage.
Menin Development specializes in developing urban commercial and mixed-use projects in South Florida along with acquiring select assets nationwide. The company offloaded a 120,000-square-foot grocery-anchored retail center in Palm Beach Gardens, Fla., to InvenTrust Properties Corp. for $88 million last year.