Al Patel Of Baywood Hotels Secures $18.2M Construction Loan From Popular Bank For Hyatt House Doral

The property involved in this transaction is a development site located at 10234 Northwest 19th Street in Doral. The asset spans 89,101 square feet and covers approximately 1.3 acres. The transaction pertains to a construction loan amounting to $18,200,000, intended for the development of a six-story, 124-room Hyatt House hotel, which is currently under construction.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $18,200,000
• Address: 10234 Northwest 19th Street
• Market: Doral
• Asset Size: 89,101 SF
• Acres: 1.3
• Lender: Popular Bank
• Landlord: Al Patel - Baywood Hotels
• Loan Type: Construction

The key individuals involved in this transaction include Al Patel, representing Baywood Hotels as the landlord, and Popular Bank as the lender providing the construction loan. Blake Construction has been designated as the contractor for the ongoing development of the hotel project, which is being developed under a ground lease with the Easton Group.