(Crystal Proenza is associate editor of Real Estate Florida.)

FORT LAUDERDALE, FL-Boca Raton based development firm Economos Properties has closed on a $46.5 million construction loan for their new 8.5 acre mixed-use development at the corner of Griffin and Ravenswood Road. The property is located just west of I-95 and is set to include a 157-room Fairfield Inn & Suites by Marriott, 124-room Homewood Suites by Hilton, 65,000 sf of class A office space and 6,000 sf of ground floor retail. The loan is being provided by Great Florida Bank and HSBC.

"The Fort Lauderdale Airport market today lacks an extended stay product from a powerhouse brand like Hilton," said Nick Economos Jr., principal with Economos Properties, in a release. "Also absent from the market was a pure limited service product from Marriott. By adding these components, we are filling a void in the marketplace and also tying up two of the strongest hotel flags in the country."

Darryl Robinson, Peter Harrison and Laurel Oswald of Transwestern have been chosen as the exclusive brokers for the leasing of the office and retail components of the development. This will be the first class A building developed in the South Broward corridor in many years, Robinson said in a release, adding that the building is expected to lease quickly because of the space's quality and signage visibility from I-95. The total project cost is approximately $65.5 million.