Meridian Capital Group

Meridian Capital Group Arranges $41.8 Million in Construction Financing for a Dual-Branded Element and Aloft Hotel in Orlando, FL

February 26, 2019

<h2>Meridian Capital Group Arranges $41.8 Million in Construction Financing for a Dual-Branded Element and Aloft Hotel in Orlando, FL </h2>

<p>Meridian Capital Group, America’s most active dealmaker, arranged $41.8 million in construction financing for AD1 Global’s Element and Aloft Hotel project in Orlando, FL.</p>

<p>The 36-month loan, provided by a balance sheet lender, features a LIBOR-based floating rate, two one-year extension options and full-term interest only payments. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky, who is based in the company’s Boca Raton, FL office.</p>

<p>Located at 5730 Central Florida Parkway at the corner of International Drive, the property will stand seven stories tall and contain a total of 284 keys. The two projects are Marriott’s stylish boutique Aloft Hotel, which will contain 140 rooms, and nature-inspired Element Hotel, which will contain 144 rooms. Shared amenities will include a saltwater outdoor pool, laundry and valet services, and fitness and business centers. The Element will offer guests complimentary breakfast while the Aloft will feature a bar and restaurant along with 4,000 square feet of conference space. The property will be located approximately a mile from Sea World and Aquatica and less than 10 miles from Disney Springs, Ripley’s Believe it or Not, and Epcot, with the remaining Disney parks and the Orlando International Airport accessible in less than 20 minutes by car.</p>

<p>“This property complements our growing portfolio in the Orlando area,” said Jon McMillian, AD1 Global Corporate Director of eCommerce and Marketing. “Orlando is a very hot market fueled by spectacular growth in tourism with a record 72 million visitors in 2017 and growing. I think when 2018’s official numbers are released it will set a new record, and the future is even brighter with Disney planning to open Star Wars Land at the end of this year.”</p>

<p>“This fantastic project will be ideally located near all major area attractions,” said Mr. Kaminetzky. “Meridian, the sponsor, and the lender worked closely to structure a deal that provided up to 75% loan-to-cost non-recourse senior debt, allowing the sponsor to then layer on EB-5 capital to maximize the return on equity for the deal.”</p>

<p>Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2018, Meridian closed over $37 billion in financing through more than 3,500 transactions across more than 250 unique lenders and sold nearly $1 billion in commercial property. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California.</p>

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