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Hotel Investors Secure $9.23 Mil Loan

MIAMI-Locally based Aztec Group arranges the low-interest loan, at about 75% of the total value, for construction of a 151-room AmeriSuites hotel.

By David R. Corder | Updated on September 26, 2001

MIAMI-ACA Investments of suburban Coral Gables, FL apparently made the right decision at the right time to arrange construction financing on a 151-room hotel project.

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.

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