{"id":1004257616,"date":"2018-08-15T06:15:59","date_gmt":"2018-08-15T14:15:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004257616"},"modified":"2022-12-07T15:44:27","modified_gmt":"2022-12-07T23:44:27","slug":"jv-lands-29m-construction-loan-for-fort-lauderdale-hilton","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-lands-29m-construction-loan-for-fort-lauderdale-hilton\/","title":{"rendered":"JV Lands $29M Construction Loan for Fort Lauderdale Hilton"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004257625\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Hilton-Ft-Lauderdale.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004257625\" data-attachment-id=\"1004257625\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jv-lands-29m-construction-loan-for-fort-lauderdale-hilton\/hilton-ft-lauderdale\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Hilton-Ft-Lauderdale.jpg\" data-orig-size=\"800,620\" 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;1&quot;}\" data-image-title=\"Hilton Ft Lauderdale\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Hilton Ft Lauderdale&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Hilton-Ft-Lauderdale.jpg?w=800\" class=\"wp-image-1004257625 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Hilton-Ft-Lauderdale.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Hilton-Ft-Lauderdale.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Hilton-Ft-Lauderdale.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Hilton-Ft-Lauderdale.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004257625\" class=\"wp-caption-text\">Hilton Ft Lauderdale<\/p><\/div>\n<p>A joint venture between Merrimac Ventures and Driftwood Acquisitions and Development has secured $28.5 million for the construction of a new Hilton-franchised hotel in Fort Lauderdale, Fla. Mission Capital Advisors arranged the non-recourse loan through Bank OZK, on behalf of the partnership.&nbsp;<\/p>\n<p>Located at 315 Northwest First Ave., the hotel will feature a total of 218 keys across two properties. The 106-key Home 2 Suites will be an all-suite asset, featuring amenities such as conference and work space, as well as in-room kitchens. The 112-key Tru by Hilton will be designed for young professionals and travelers, offering features such as a fitness center, lounge and game room. Both hotels will offer access to 102 parking spaces and a 5,000-square-foot outdoor pool deck and bar. The 19-story property will provide convenient access to Fort Lauderdale International Airport, Interstate 95 and nearby attractions such as beaches, restaurants, art galleries and tourist spots.&nbsp;<\/p>\n<p>Mission Capital Advisors&#8217; Debt and Equity Finance team of Principal Jordan Ray, Managing Directors Stephen Emery and Ari Hirt, Director Jamie Matheny and Vice President Lexington Henn, represented the borrower.&nbsp;<\/p>\n<p><em>\u201cWe\u2019ve done a lot of construction financing for hotels this cycle, but we\u2019ve rarely seen so much lender interest in a deal,\u201d<\/em> said Ray, in a prepared statement. <em>\u201cThe sponsorship on this property has developed some of the market\u2019s most successful hotels, and they decided to create two Hilton-branded hotels at this property to meet the distinct needs of different market segments. With this financing in hand, construction is already underway, and Fort Lauderdale visitors should be able to enjoy its strong location and amenities by 2020.\u201d&nbsp;<\/em><\/p>\n<p>In April,&nbsp;Mission Capital Advisors&nbsp;represented a joint venture of The Schupp Cos. and LodgeWorks Partners in <a href=\"https:\/\/www.commercialsearch.com\/news\/d-c-area-hyatt-hotel-lands-47m-financing\/\">securing $47 million in refinancing<\/a> for Hyatt Place Arlington Courthouse Plaza, a 168-key hotel in Virginia.<\/p>\n<p><em>Rendering courtesy of Mission Capital Advisors&nbsp;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mission Capital Advisors arranged the financing on behalf of Merrimac Ventures and Driftwood Acquisitions and Development, to begin building a dual-brand, 218-key project. <\/p>\n","protected":false},"author":746,"featured_media":1004257625,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21825,21751,21742],"tags":[33259,41597,39296,32805,34876,33315],"class_list":["post-1004257616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-finance","category-hotel","category-latest","tag-bank-of-the-ozarks","tag-bank-ozk","tag-driftwood-acquisitions-development-lp","tag-hilton","tag-mission-capital-advisors","tag-tru-by-hilton"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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