BD Hotels has secured a $75 million construction loan for The Nora Hotel, a boutique hotel located in West Palm Beach. Developed in partnership with NDT Development, Place Projects, and Wheelock Street Capital, the 201-key hotel will be at the heart of the Nora District.
The financing was provided by Metropolitan Commercial Bank and was brokered by Steven Klein and Mark Fisher of JLL. Construction on Phase I of Nora began in June 2023 and is expected to be completed by early 2025. This phase will include over 150,000 square feet of adaptive reuse and new development.
The project will also feature ground-floor retail spaces that have been reimagined from turn-of-the-century railway warehouses. Additionally, Phase I will offer Class-A office space spanning over 55,000 square feet on its second floor.
This marks BD Hotels’ first venture outside of New York City as well as their second collaboration with Wheelock Street Capital following their successful relaunching of Hotel Chelsea in 2023. BD Hotels currently holds an impressive portfolio within New York City including The Greenwich Hotel , The Bowery Hotel , The Mercer Hotel , among others.
Overall,this latest venture showcases BD Hotels’ continued growth beyond NYC while maintaining their reputation for transforming historic properties into unique hospitality experiences.
