Marcus & Millichap Capital arranged a $19.2 million loan for the construction of the Even Hotel Doral (Fla.). The property has 125 rooms and the brand is part of the IHG Hotels and Resorts portfolio.
Robert Bhat, senior managing director, capital markets at Marcus & Millichap, based out of MMCC’s Miami office secured the financing.
“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," he said. "Given the experience of the development group and strong market occupancy, we were able to secure a $12.1 million conventional bank construction financing with a 10-year term. A $7.1 million PACE loan was secured to provide additional financing. The combined loan to cost is 65 percent."