FL Condo Hotel Bags $70M Construction Loan
- Jul 26, 2016
Hollywood, Fla.—Developer Moses Bensusan has obtained a $70 million construction loan to finance the completion of Meliá Costa Hollywood Beach Resort. The property is 307-room condo hotel currently under way in Hollywood Beach, Fla.
The six-story beachfront property is located at 777 North Ocean Dr. It topped out last year, with completion expected by the end of this year. The units are currently 85 percent sold.
Meliá Costa Hollywood Beach Resort offers studios, along with one-, two-, and three-bedroom units. Common amenities include a fitness center and “holistic spa”; exclusive boutiques and restaurants; a rooftop infinity-edge pool, sun deck, and reflection pool; rooftop and lobby lounges; and an open courtyard.
Eastern Union Funding Senior Loan Consultant CJ Danziger and Managing Partner Meir Kessner originated the deal on behalf of the borrower, Bensusan’s Hollywood-based Liberty Grande LLC. The loan was placed with Madison Realty Capital.
“Hollywood has seen an incredible resurgence in interest these past few years, particularly with the recent opening of Jimmy Buffett’s Margaritaville Hollywood Beach Resort a few doors down,” said Danziger. “That project was instrumental in Moses Bensusan moving forward with Meliá Costa Hollywood Beach Resort.”