The developer of a long-planned hotel project in Surfside has secured a $35 million construction loan for the venture, the Daily Business Review has learned, and is planning to break ground on the undertaking within days.
A joint venture between Atlanta-based Hotel Development Partners and Surfside-based Transacta Lanai Developers recently secured $35 million in construction financing from Miami-based Ocean Bank, the manager of Transacta Lanai told the DBR. The loan accounts for 65 percent of the construction cost, with the rest made up of equity provided by the development partners, manager Silvia Sabates Coltrane said.
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