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Meliá Costa Resort in Hollywood Scores $70M Loan to Complete Construction

Tuesday, July 5, 2016

Eastern Union Funding senior loan consultant CJ Danziger and senior managing director Meir Kessner arranged the financing. Madison Realty Capital is the lender, according to a press release.The six-story, 307-unit project is 85 percent sold, a difference of about 15 units since last May when the building topped off.

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The condo-hotel marks the first project in the United States for Moses Bensusan, a Canadian developer. Bensusan told The Real Deal he’s aiming to hold a soft opening of the property at the beginning of next year.

International hotel operator Meliá Hotels will manage the resort at 777 North Ocean Drive in Hollywood Beach. The developer said Hollywood has a shortage of up to 10,000 hotel rooms, and he plans to develop more in the city.

Costa International Realty, led by Fernando Valdivieso, is the exclusive sales and marketing firm. A majority of buyers hail from South America, Bensusan said, with most of those coming from Argentina. The developer plans to travel to Chile, Argentina, Brazil, Paraguay and Colombia on a sales trip next week.

Greystone arranged a $22.5 million construction loan for the project in September, but a spokesperson for the company told TRD it was no longer involved in the development as of March of this year.

Units at the Hollywood condo-hotel, which will range from studios to one to three-bedroom apartments, will come equipped with full kitchens and energy efficient appliances, plus flat screen TVs and an automated valet parking system. Amenities include a spa/fitness facility, five restaurants, a business center, a gourmet coffee shop and a rooftop infinity pool (with a bar and grill). The development offers views of the Atlantic Ocean and Intracoastal Waterway.

Click here to read the full story in The Real Deal South Florida.


About Eastern Union Funding Founded in 2001, Eastern Union Funding is the country's second most active commercial mortgage company, on a transaction volume basis, and one of the top 50 fastest growing companies in NYC as reported by Crain's New York Business the past two years straight. A trusted advisor to its clients and innovation leader in the commercial mortgage marketplace, Eastern Union closes an average of $3 billion annually nationwide. The firm's sophisticated debt solutions are complemented by a one-of-a-kind Equity Division. Eastern Union is headquartered in New York, with offices in New Jersey, Maryland and Israel. For more information, visit www.easternuc.com.


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