Driftwood Capital, a real estate development firm, has successfully secured $207 million in financing for the construction of the Westin Cocoa Beach Resort & Spa on Florida’s Space Coast. The resort is expected to open in 2027 and will cost a total of $420 million.
The funding was obtained through two sources: City National Bank of Florida provided $70 million in construction financing while Bayview PACE, a division of Silver Hill Funding, provided an additional $137 million through Commercial Property Assessed Clean Energy (C-PACE) financing. In addition to this, Driftwood also secured a credit facility worth $50 million from Amerant Bank at the holding company/fund level.
The Westin Cocoa Beach Resort & Spa will offer 502 rooms and feature various amenities including eleven food and beverage venues with themed restaurants, a world-class spa, surfing wave pool, swimming pools tennis and pickleball courts as well as fitness center with cardio equipment and weights. It will also have multiple retail options for guests’ convenience.
To accommodate about 800 vehicles at any given time during peak season periods or special events like conferences or weddings; there will be multistory parking garage available on site. Located at 1300 N Atlantic Ave in Cocoa Beach; this resort boasts over 72 thousand square feet outdoor space that can be used for meetings or events alongside another indoor space measuring approximately half that size which is specifically designed to cater gatherings such as conferences etcetera.
In summary:
– Driftwood Capital has secured funding totaling $207M for their new project – The Westin Cocoa Beach Resort & Spa.
– This includes senior construction financing ($70M) from City National Bank of Florida,
Commercial Property Assessed Clean Energy (C-PACE) financing ($137M) from Bayview PACE/Silver Hill Funding,
and credit facility ($50M) from Amerant Bank.
– The resort is set to open in 2027 and will cost $420M.
– It will feature 502 rooms, eleven food and beverage venues, a world-class spa, surfing wave pool, swimming pools,
tennis and pickleball courts, fitness center with cardio equipment and weights,
multiple retail options for guests’ convenience.
– There will also be a multistory parking garage to accommodate about 800 vehicles at any given time during peak season periods or special events like conferences or weddings.
– Located at 1300 N Atlantic Ave in Cocoa Beach; the resort boasts over
72 thousand square feet of outdoor space for meetings/events
and another indoor space measuring approximately half that size specifically designed for gatherings such as conferences.
