 |
| 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. www.meridiancapital.com
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
212/972-3600
No comments:
Post a Comment