Marcus & Millichap Capital Corporation (MMCC) recently arranged a $19.235 million loan for the construction of an EVEN Hotel in Doral, Florida. The 125-key hotel by IHG will be located at 10770 NW 25th St., and is expected to open soon.
Robert Bhat, Senior Managing Director of MMCC’s Capital Markets division based out of its Miami office, secured the financing with a combined loan-to-cost ratio of 65 percent. He said: “The primary sponsor is a well-established foreign national who partnered with Miami-based ASI Global to raise capital through an EB5 program and manage the development.” Bhat was able to secure conventional bank construction financing with a 10 year term totaling $12.1 million as well as PACE funding for additional financing amounting to $7.1 million dollars .
This new EVEN Hotel project marks another successful transaction completed by Marcus & Millichap’s team in South Florida that demonstrates their expertise in arranging complex real estate loans on behalf of clients across all asset classes nationwide
