Hotel Management – Stonehill, a commercial real estate direct lender, has closed a $104 million construction loan with TPI Hospitality for the 254-room Margaritaville Resort in Fort Myers Beach, Fla., scheduled to open in early 2023.
Carrying a 42-month initial term with two extensions, the loan will help fund approximately 70 percent of the cost of the project.
“Our sponsors benefit from our lending solutions, financial capacity and development expertise,” said Mat Crosswy, Stonehill president and principal. “With funding options from traditional lenders limited for hotel developers, we are pleased to be able to provide capital for a hotel development in a growing market.”
Stonehill also recently originated a $28 million loan to fund construction on a 167-key, all-suite Marriott SpringHill Suites hotel in Tampa, Fla.