The developers of the Margaritaville Hollywood Beach Resort received a $35 million construction loan to move the $147 million project ahead, Daily Business Review reported.
Dallas-based lender Bank of the Ozarks gave the loan to Hollywood, Fla.-based Lojeta Millennium and Greenwich, Conn.-based Starwood Capital, the development team that revived the project. The company partnered with the original developer, Lon Tabatchnick of Hollywood, the publication said.
The city required Starwood to provide proof of at least $80 million in financing to launch the project. The plan is to build a 349-room resort with 35,000 square feet of exhibition space, 30,000 square feet of restaurant and bar space, as well as more retail space and a parking garage. Developers also showed documents indicating a $35 million bank loan was in progress.
The developers hope to open the resort in late 2015 or early 2016, the report said. [Daily Business Review] – Mark Maurer
via The Real Deal Miami http://feedproxy.google.com/~r/trdnews_miami/~3/vWedXJ520AA/
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