Wednesday, September 7, 2016

Meridian Capital Group Arranges $56.1 Million in Construction Financing for a Dual-Branded Hotel Located in Downtown Fort Lauderdale, FL

Ronnie Levine
, New York, NY, Sept. 7, 2016– Meridian Capital Group, America’s most active debt broker, arranged $56.1 million in construction financing for the development of a new dual-branded hotel property located in Fort Lauderdale, FL, on behalf of Wurzak Hotel Group and DoveHill.

The four-year construction loan, provided by Bank of the Ozarks, features full-term interest-only payments. 

This transaction was negotiated by Meridian Senior Managing Director, Ronnie Levine and Vice President, Aggelos Sklavenitis, who are both based in the company’s New York City headquarters.

The dual-branded property, located at 299 North Federal Highway in downtown Fort Lauderdale, is slated to contain both a 209-room Tribute Portfolio hotel, named The Dalmar, and a 114-room Element by Westin hotel, both brands of Starwood Hotels and Resorts Worldwide.

The building will rise 23-stories and will feature amenities including a rooftop lounge, sky lobby, infinity pool, gym, landscaped deck with a garden relaxation area, approximately 24,000 square feet of meeting space, a coffee bar, a restaurant, approximately 4,000 square feet of retail space on Northeast 3rd Street as well as a 212-space parking garage.

Aggelos Sklavenitis
Downtown Fort Lauderdale is a vibrant 24/7 live, work and play community and the 0.77 acre development site is one of the largest development sites in the area. 

The property is conveniently situated at the southwest corner of Federal Highway (US 1) and 3rd Street.

The hotels will cater to business travelers, young professionals who want to be in close proximity to downtown and central business districts offices, as well as tourists who are attracted to a more authentic and boutique-style alternative to the traditional beach hotels in the area.

“Meridian was able to leverage its strong lending relationships to obtain construction financing for the 299 North Federal Highway transaction,” explained Mr. Levine. “The high-quality sponsorship and the strategic location of the property made the deal stand apart from other opportunities in the market,” he added.

“We are proud to have been a part of this transformative project that fills an obvious void in the Fort Lauderdale hospitality landscape west of the Intracoastal.”

Howard Wurzak

Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California.
DoveHill is an independent real estate investment company founded in 2010 by Howard Wurzak and Jake Wurzak

Howard and Jake collectively have 50 years experience in underwriting, acquiring, redeveloping, developing and repositioning of real estate projects. 

For the past 17 years their focus has been the hospitality sector and they have demonstrated an ability to excel using a low cost-basis, value-enhancing, institutional-quality approach to the development of hotel projects.

For a complete copy of the company’s news release, please contact:

Jonathan Stern
Meridian Capital Group

No comments: