(Read more on the debt and equity markets.)
DELRAY BEACH, FL-A $134-million construction loan has been secured for the Seagate Hotel & Spa, the Seagate Residences and the Seagate Beach Club projects.
The project, being undertaken by locally based developer HHC Florida Inc., will be comprised of a 162-suite boutique hotel, 29 condominiums and a beach club. The lead lender of the loan is New York City-based CIBC World Markets Inc. The loan will pay for construction of all three components of the project. Construction of the condominiums has started, with construction of the hotel and beach club expected to begin shortly.
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