IHG’s wellness-oriented EVEN Hotel near Miami airport closes $20M loan
190-room hotel broke ground last week, also tapping EB-5 investors for construction
October 24, 2016 12:55PM
Rendering of EVEN Hotel in Miami. Inset: developer Noel Epelboim
IHG’s new wellness-oriented brand is headed for Miami.
Epelboim Development Group closed on $20 million in financing for the 190-room, seven-story EVEN Hotel near Miami International Airport, according to a press release.
The hotel, which will have health and wellness-oriented programming and food and beverage options, is also being financed via Latin American investors using the EB-5 visa program.
Hall Structured Finance is the lender for the first mortgage. The hotel, at 3499 Northwest 25th Street, broke ground on Thursday. Epelboim paid $3.8 million last year for the 1.85-acre lot, which overlooks a lagoon.
When it’s completed, the hotel will also have 4,200 square feet of meeting space and 145 parking spaces.
A number of hotels near the airport are being funded by EB-5 investors, including the Radisson Red and Staybridge Suites, Ronald Fieldstone, an attorney with Arnstein & Lehr, previously told The Real Deal. Funding via EB-5 is desirable because interest rates are often lower than traditional financing, experts have said.
EVEN has four hotels in Norwalk, Connecticut; Rockville, Maryland; Midtown Manhattan; Brooklyn and eight properties in the pipeline. – Katherine Kallergis
Source: The Real Deal