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Baywood Hotels lands $17M loan for site near Miami airport

Baywood Hotels lands $17M loan for site near Miami airport
Baywood has been active in the Brickell area and the Florida Keys
November 30, 2015 04:30PMBy Katherine Kallergis

Bennigan’s site in Miami Springs

The new owners of a hotel development site near Miami International Airport closed on $17 million in financing last week, Miami-Dade County records show.
An affiliate of Baywood Hotels acquired the 1.84-acre site at 3449 Northwest 42nd Avenue in September. The LLC paid $3.75 million for the Miami Springs property, which currently houses a 6,800-square-foot Bennigan’s restaurant that is now closed.
FirstBank Florida is the lender, according to Miami-Dade County records. Baywood’s Chirag B. Desai signed the mortgage. Amit N. Patel, also of Baywood, is part of the ownership. Baywood has been active in South Florida this year. The company owns the Homewood Suites Brickell, which is scheduled to open soon. A Baywood affiliate also bought a development site near Brickell City Centre in April for $15.5 million.
Baywood also purchased a Florida Keys resort from the Peebles Corp. earlier this year.
The single-story restaurant last sold in 2012 for $1.5 million, property records show. It’s surrounded by a Red Roof Inn, Embassy Suites and a La Quinta. It was marketed as a development site for a 150-key limited service hotel.

Source: The Real Deal

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