NATIONAL REPORT—Hotel Business has been watching transactions across the country. Here are a few:
Epelboim Secures Construction Loan for Tru by Hilton Orlando
Epelboim Development Group secured a $21.5-million construction loan from BridgeInvest for the development of an eight-story, 259-suite Tru by Hilton hotel in Orlando, FL, designed as the largest Tru by Hilton in the U.S. to date.
Epelboim Development Group is currently in the final stages of building an Even hotel in Miami and is developing two more hospitality projects in Georgia. The company has plans to open 25 hospitality properties in the next three years.
Kennedy Funding Financial Closes on Refinancing Loan for Seattle Property
Kennedy Funding Financial closed on a $3.185-million refinancing loan to SML Seattle Modern Living at Redondo LLC.
The borrower plans to refinance the 7.89-acre property located halfway between Seattle and Tacoma. The proceeds will be used to pay off a matured loan. The property has been preapproved for a mixed-use development, including a 150-room hotel and up to 600 housing units.
The proposed development will include four phases, the first to construct a 150-room hotel and the next three consisting of up to 200 multi-family units each. The development will also include senior housing and market-rate apartments. Construction on the first phase is expected to begin by Sept. 2018.
Henley Purchases Two Miami Hotels
Henley, the global private equity real estate investor, has purchased two hotels in the Little Havana and South Beach areas of Miami. It will introduce both private and shared accommodations at each location to fund the transformations.
The Miami properties have been purchased for $15.4 million. Lifestyle hotel company Life House will complete the renovation and repositioning program.