MIAMI—With South Florida's hotel market breaking records, it's not difficult for quality developers to secure loans on branded concepts. North Boynton Beach Hospitality is the latest to secure a financing.
HFF arranged $11.322 million in construction financing for the development of a 116-key, Marriott-branded TownePlace Suites hotel in Boynton Beach. HFF secured the financing through City National Bank of Florida.
“The borrower was able to achieve great financial terms from the lender and will now deliver a new product that the market has been demanding since there has been little new construction over the last several years,” HFF managing director Elliott Throne tells GlobeSt.com. The TownePlace Suites Boynton Beach will be built on a 2.77-acre site on Gateway Boulevard east of Congress Avenue and north of the Boynton Beach Mall in Boynton Beach, the third largest city in Palm Beach County.
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