{"id":1004224992,"date":"2018-04-27T07:48:35","date_gmt":"2018-04-27T15:48:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004224992"},"modified":"2022-12-08T18:21:16","modified_gmt":"2022-12-09T02:21:16","slug":"midtown-miami-hotel-lands-21m-construction-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/midtown-miami-hotel-lands-21m-construction-loan\/","title":{"rendered":"Midtown Miami Hotel Lands $21M Construction Loan"},"content":{"rendered":"<p>By Timea Papp<\/p>\n<div id=\"attachment_1004224995\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/3400-Biscayne-AC-Marriott-Miami-Midtown.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004224995\" data-attachment-id=\"1004224995\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/midtown-miami-hotel-lands-21m-construction-loan\/3400-biscayne-ac-marriott-miami-midtown\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/3400-Biscayne-AC-Marriott-Miami-Midtown.jpg\" data-orig-size=\"3287,2465\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"AC Marriott Miami Midtown\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;AC Marriott Miami Midtown&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/3400-Biscayne-AC-Marriott-Miami-Midtown.jpg?w=1024\" class=\"wp-image-1004224995 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/3400-Biscayne-AC-Marriott-Miami-Midtown.jpg\" alt=\"AC Marriott Miami Midtown\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/3400-Biscayne-AC-Marriott-Miami-Midtown.jpg 3287w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/3400-Biscayne-AC-Marriott-Miami-Midtown.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/3400-Biscayne-AC-Marriott-Miami-Midtown.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/3400-Biscayne-AC-Marriott-Miami-Midtown.jpg?resize=1024,768 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/3400-Biscayne-AC-Marriott-Miami-Midtown.jpg?resize=1536,1152 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/3400-Biscayne-AC-Marriott-Miami-Midtown.jpg?resize=2048,1536 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/3400-Biscayne-AC-Marriott-Miami-Midtown.jpg?resize=150,112 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/3400-Biscayne-AC-Marriott-Miami-Midtown.jpg?resize=696,522 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/3400-Biscayne-AC-Marriott-Miami-Midtown.jpg?resize=1068,801 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/3400-Biscayne-AC-Marriott-Miami-Midtown.jpg?resize=1920,1440 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/3400-Biscayne-AC-Marriott-Miami-Midtown.jpg?resize=560,420 560w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/3400-Biscayne-AC-Marriott-Miami-Midtown.jpg?resize=80,60 80w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/3400-Biscayne-AC-Marriott-Miami-Midtown.jpg?resize=265,198 265w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004224995\" class=\"wp-caption-text\">AC Marriott Miami Midtown<\/p><\/div>\n<p>Aztec Group has arranged $21.3 million in construction financing for the development of AC Marriott Hotel, a 153-key hotel in Midtown Miami. Florida Community Bank provided the loan, secured by Aztec Managing Director Boaz Ashbel on behalf of Midtown Lodging 2 LLC.<\/p>\n<p>Located at 3400 Biscayne Blvd., at the corner of Northeast 34<sup>th<\/sup> Street and Biscayne Boulevard, the new hotel is scheduled for completion in mid-2019. The location sees traffic counts currently in excess of 21,000 vehicles per day.<\/p>\n<h2>Amenities and features<\/h2>\n<p>Featuring a glass design, the property will include amenities such as a business center, restaurant and bar\/lounge, fitness facility, swimming pool, meeting space, valet parking and guest laundry. 3H Hospitality will manage the property.<\/p>\n<p><em>\u201cWe are currently at a point where landing a hotel construction loan, even in strong hospitality markets like Miami, poses a challenge,\u201d<\/em> Ashbel said in prepared remarks. <em>\u201cDespite that, this product offering\u2014with its strong brand affiliation and highly-visible location, defies the odds. With a financially strong and experienced borrower, there was little doubt of securing favorable financing terms.\u201d<\/em><\/p>\n<p>In a recent financing transaction, Aztec Group worked with TotalBank to secure a <a href=\"https:\/\/www.commercialsearch.com\/news\/proposed-miami-springs-hotel-receives-15m-loan\/\">$15 million loan<\/a> for the construction of Comfort Inn &amp; Suites Hotel in Miami Springs, Fla. Ashbel facilitated the deal on behalf of an entity led by Steven Marin and Michael Pfeffer.<\/p>\n<p><em>Rendering courtesy of Aztec Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 153-room hotel\u2014expected to open in mid-2019\u2014will be situated at the corner of Northeast 34st Street and Biscayne Boulevard, a few blocks away from the Shops at Midtown Miami.<\/p>\n","protected":false},"author":240,"featured_media":1004224995,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21825,21751,1492,21742],"tags":[32801,34272,38980,32795],"class_list":["post-1004224992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-finance","category-hotel","category-miami","category-latest","tag-ac-hotels-by-marriott","tag-aztec-group-inc","tag-boaz-ashbel","tag-florida-community-bank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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