The developer of the Margaritaville Beach Resort in Hollywood got a boost to its construction loan as the project nears completion.
Bank of the Ozarks (Nasdaq: OZRK) recently added $19 million to the mortgage it granted the project in 2013 to bring the loan up to $54.6 million. Given that it’s been described as a $147 million project, the loan constitutes about 37 percent of the project cost.
The 349-room resort is slated to open this summer. It will have seven restaurants, a spa, fitness center, over 7,000 square feet of retail space and 30,000 square feet of event space. It will be managed by Cate Farmer.
Tishman Construction and Coastal Construction are building the 845,000-square-foot resort for developers Lon Tabatchnick, Starwood Capital Group and Lojeta Millennium.
Story by: Brian Bandell – Apr 29, 2015, 11:32am EDT
Photo Courtesy: Courtesy Margaritaville Hollywood Beach Resort