Ocean Bank recently closed a $45 million loan to refinance two Marriott brand hotels in Doral and allow capital for the purchase of a third hotel.
The two properties are the 145-room Aloft Hotel and the 139-room Element Hotel by Westin, both located on the east side of NW 107 Ave. between NW 31 Terr. and NW 33 St. The borrower on the 10-year loan is Doral-based Eurocon, LLC.
“This is a new relationship for Ocean Bank, and we look forward to a long-term relationship with Eurocon and its principals,” said Ralph Gonzalez-Jacobo, executive vice president and chief lending officer.
Ocean Bank Senior Vice President Eddie Diaz added, “The Aloft and Element hotels have significant occupancy and strong cash flows. They are located in a five-acre site in a bustling and growing business area.”
The Aloft Hotel has 145 rooms, including five suites, and 3,221 sq-ft of meeting space in a six-story building located at 3265 NW 107th Avenue. The adjacent Element Hotel at 3285 NW 107 Ave. has seven floors housing 139 rooms, including 34 suites, and 3,211 sq-ft of meeting space.
Gonzalez-Jacobo and Diaz negotiated the loan for Ocean Bank, along with Vice President Juan Javier Graterol.
About Ocean Bank
Ocean Bank is the largest independent, state-chartered commercial bank headquartered in Florida, with $4.3 billion in assets. Chartered in 1982, Ocean Bank operates its branch network throughout Miami-Dade and Broward counties. The community bank has received numerous awards and accolades from the Greater Miami Chamber of Commerce, The Beacon Council and the Florida Department of Education, among others, for its support of our South Florida communities.
For information, visit www.oceanbank.com.