Ocean Bank finances construction of Doral hotel

Ocean Bank finances construction of Doral hotel

Ocean Bank granted a $10 million construction loan for the Wingate by Wyndham hotel in Doral.

The Miami-based bank wrote the mortgage to 3755 Property Holdings, a Doral-based company managed by Antonio Pecorelli. The loan matures on Oct. 2, 2016, but it has multiple extension options.

The 84-room hotel will be located on the northeast corner of Northwest 37th Street and Northwest 78th Avenue. That is near the State Road 826 exit ramp onto Northwest 36th Street.

The developer purchased the 1.1-acre site for $2.1 million in 2013. It previously had an office building.

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Story by:
Brian Bandell – Apr 17, 2015, 12:03pm EDT
Photo Courtesy: Biz Journals

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