The loan, secured in a difficult environment for hospitality lending, will finance the first Wyndham Dolce flag in Florida and one of world’s only fully kosher luxury hotels
FT. LAUDERDALE, FL (October 1, 2021) – Franklin Street has secured a $10.2 million loan for the ground-up construction of the Wyndham Dolce Kosher House Hotel in Hollywood, Florida. The deal represents one of the first bank-financed hotel construction deals in Florida since the onset of the Covid-19 pandemic, which resulted in a cautionary lending environment for hospitality development.
Franklin Street’s Casey Crane, CFA, with the firm’s Capital Advisory Team, secured the loan from Fairwinds Credit Union with an 84-month term, 24-month interest-only construction draw period and a favorable interest rate of Prime + 1.0% with a floor of 4%. After construction, the loan will convert to a permanent loan with a 5-year term.
“Franklin Street is proud to be a part of this exciting project, which will be the first Wyndham Dolce in the state and one of the only completely kosher luxury hotels in the world,” said Crane. “Despite the obvious headwinds facing the hospitality industry following the pandemic, we managed to arrange flexible construction financing for our client, executed by a reputable Florida credit union.”
The eight-story, 100-key Wyndham Dolce Kosher House Hotel broke ground in February of this year and delivery is expected before the end of 2022. At 5530 S. State Road 7, the luxury hotel will be located directly across from the famed Seminole Hard Rock Hotel and Casino.
Franklin Street’s Capital Advisory Team provides strategic, full-service debt and equity solutions for virtually all commercial asset classes, nationwide. The team, led by Ben Miller and Casey Siggins based in Tampa, also includes Laura Gonzales in Jacksonville and Joseph Landsberg in Ft. Lauderdale.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With more than $5 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com.