Construction loan closed for Even Hotel Miami

HALL Structured Finance closed a new first lien mortgage loan totaling $19.97 million to finance in part the construction of an Even Hotel in Miami, Fla. The proposed hotel will be a seven-story, 190-room select-service Even Hotel, which is part of InterContinental Hotels Group, and also has a financing component coming from Latin American investors through the US EB-5 Visa Program. Noel Epelboim with Epelboim Development Group is the project’s sponsor.

“The strength of the Miami Airport hotel market, the city’s growing economy and its status as a financial center and tourist mecca, coupled with a brand new hotel experience emphasizing health and wellness from IHG, made this hotel a model investment for us,” said Mike Jaynes, President of HALL Structured Finance. “Travelers to neighboring businesses will appreciate having a contemporary amenity like this hotel in such a high-traffic area near the airport, and we think this project will be very successful.”

The new hotel will be situated within the unincorporated area of Miami-Dade County known as Lake Palmer/Miami Airport, less than one mile from Miami International Airport and half a mile from the Miami Intermodal Center.

“HSF’s unique combination of real estate and financial expertise made them exceptional partners as we sought to secure financing for this project,”said Noel Epelboim, principal at Epelboim Development Group. “We are excited to deliver this Even Hotel to the Miami Airport and look forward to getting started.”

Launched in 2012, Even hotels are positioned as a select service lodging option that offers health and wellness-themed services at a moderate price. The brand is part of the high-quality, proven InterContinental Hotels Group. Even Hotels opened its first two properties in June 2014 in Norwalk, Conn., and Rockville, Md., its third property in Midtown Manhattan in November 2015 and its fourth hotel in Brooklyn, N.Y., in August 2016. The brand has an additional eight properties in the pipeline.