Miami-based Ocean Bank is underwriting the five-year, $9.23 million loan at about 1% over prime for about 75% of the value. Locally based Aztec Group Inc. FL arranged the loan.
The key to securing this loan was fortuitous timing, Lang Baumgarten, the Aztec Group managing director who negotiated the transaction, tells GlobeSt.com. "I had been working on this deal for about nine months," he says.
Because of the current state of the economy, Baumgarten says he is unsure whether he now could negotiate similar terms. "I think there is a dramatic re-assessment about hotels," Baumgarten says.
Work already has started on the hotel project that ACA Investment is building on Northwest Seventh Street in the Blue Lagoon area near Miami International Airport.
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