Monday, June 8, 2015

HFF secures $11.322 million construction loan for development of Marriott TownPlace Suites in South Florida



Rendering of planned Marriott TownePlace Suites Hotel, Boynton Beach, FL

MIAMI, FL – June 8, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $11.322 million in construction financing for the development of a 116-key, Marriott-branded TownePlace Suites hotel in Boynton Beach, a South Florida coastal community.
HFF worked on behalf of the borrower, North Boynton Beach Hospitality, LLLP, to secure the loan through City National Bank of Florida. 

Mike Kavanau
The TownePlace Suites Boynton Beach will be built on a 2.77-acre site on Gateway Boulevard east of Congress Avenue and north of the Boynton Beach Mall in Boynton Beach, the third largest city in Palm Beach County.  

The hotel’s location will give guests access to Interstate 95, the Florida Turnpike and major employment centers in West Palm Beach and Boca Raton, which are both approximately 15 miles from the property. 

The select-service hotel has an anticipated opening date of late 2015 and will feature the hallmarks of an extended-stay Marriott TownPlace Suites hotel, which includes studio, one- and two-bedroom suites with full kitchens and flexible spaces; a market for snacks and meals; pool; fitness center and putting green.

 The HFF debt placement team representing the borrower was led by senior managing director Mike Kavanau, managing director Elliott Throne and real estate analyst Alexandra Lalos.

“It is an exciting time for the lodging market in Palm Beach County,” Lalos added. “With an increasing amount of retail, office and residential development in Boynton Beach, the sponsorship has identified solid demand for new hotel development.”

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

No comments:

Post a Comment