HFF secures $11.322 million construction loan for development of Marriott TownPlace Suites in South Florida
MIAMI, FL – 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.
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.”
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.