The construction of the Hyatt House hotel in Orlando will proceed after $7 million in preferred equity financing was secured to cover most of a construction cost increase.

A joint venture of Whitestone International Drive Associates LLC and Robert Lubin, who secured foreign investment for the project through the EB-5 visa program, is developing and will own the 175-room hotel.

The hotel, which will carry Hyatt's House brand intended for longer than traditional stays, is being built at 5356 International Drive about a mile from the Universal Studios entrance sign.

Construction was well underway when a section of the fifth floor collapsed in June 2016.

The collapse onto the lower floor was caused by a problem with the structural steel, which ultimately increased the construction cost by $10 million to $40 million, according to attorney Michael Zukerman, who worked on the equity financing.

“That [collapse] caused us to have a year delay and some substantial increases in construction costs. It took us about a year to sort out the problem [and] to make everybody comfortable it wouldn't happen again,” he said.

Zukerman, who is of counsel for Warshaw Burstein in New York, represented Whitestone, which is owned by WRC Development Partners LLC, in obtaining the $7 million Wednesday.

The rest of the construction cost was financed through other sources, including an $18 million loan obtained before the collapse from Dallas-based Hall Structured Finance, Zukerman said.

The remaining $15 million, which includes $6 million in EB-5 visa program financing secured at the beginning of the project, is coming from the developers, Zukerman said.

Akerman real estate partner Robert Leapley in Jacksonville represented Lubin.

The hotel is set to open by the end of the year.