The Real Deal: Driftwood scores $16M construction loan for Doral hotel, including EB5 funding
With construction well underway at their Hilton branded hotel in Doral, partners Driftwood Hospitality Management and American Opportunity Regional Center just secured a $16 million loan to help finance the project, including $10 million from EB5 investors.
County records show the loan was sourced both from an affiliate of Miami’s BridgeInvest and American Opportunity, which facilitates EB5 investments from foreign nationals.
The developers broke ground on their 150 room hotel in July at 10250 Northwest 19th Street, across the street from the Miami International Mall. It’s slated to be a DoubleTree by Hilton, with an amenities package including three meeting rooms, two full service bars, a pool, fitness center and a restaurant. Driftood and American Opportunity said in a release that they expect the project to wrap up by summer 2017. The project’s total value is roughly $26 million,
the release stated.
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