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| Rendering of Planned Element Hotel, Orlando, FL |
Boca Raton, FL, Feb. 26, 2019 – Meridian Capital Group, America’s most active dealmaker, arranged $41.8 million in construction financing for AD1 Global’s Element and Aloft Hotel project in Orlando, FL.
The 36-month loan, provided by a
balance sheet lender, features a LIBOR-based floating rate, two one-year
extension options and full-term interest only payments.
This transaction was
negotiated by Meridian Managing Director, Noam Kaminetzky, who is based
in the company’s Boca Raton, FL office.
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| Noam Kaminetzky |
Located at 5730 Central Florida
Parkway at the corner of International Drive, the property will stand seven
stories tall and contain a total of 284 keys.
The two projects are
Marriott’s stylish boutique Aloft Hotel, which will contain 140 rooms,
and nature-inspired Element Hotel, which will contain 144 rooms.
Shared amenities will
include a saltwater outdoor pool, laundry and valet services, and fitness and
business centers. The Element will offer guests complimentary breakfast while
the Aloft will feature a bar and restaurant along with 4,000 square feet of
conference space.
The property will be
located approximately a mile from Sea World and Aquatica and less than 10 miles
from Disney Springs, Ripley’s Believe it or Not, and Epcot, with the remaining
Disney parks and the Orlando International Airport accessible in less than 20
minutes by car.
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| Jon McMillian |
"I think when
2018’s official numbers are released it will set a new record, and the future
is even brighter with Disney planning to open Star Wars Land at the end of this
year.”
“This fantastic project will be
ideally located near all major area attractions,” said Mr. Kaminetzky. “Meridian,
the sponsor, and the lender worked closely to structure a deal that provided up
to 75% loan-to-cost non-recourse senior debt, allowing the sponsor to then
layer on EB-5 capital to maximize the return on equity for the deal.”
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| Rendering of Marriott's planned Aloft Hotel, Orlando, FL |
In 2018, Meridian
closed over $37 billion in financing through more than 3,500 transactions
across more than 250 unique lenders and sold nearly $1 billion in commercial
property.
Meridian represents many of the world’s
leading real estate investors and developers and the company’s expansive
platform has specialized practices for a broad array of property types
including office, retail, multifamily, hotel, mixed-use, industrial, and
healthcare and senior housing properties.
Meridian is
headquartered in New York City with offices in New Jersey, Maryland, Illinois,
Ohio, Florida, and California.
Contact:
Jonathan M. Stern
Managing Director
Meridian Capital Group
Managing Director
Meridian Capital Group
jstern@meridiancapital.com
Direct: 212.612.0181
Direct: 212.612.0181
1 Battery Park Plaza, 26th Floor
212-972-3600
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