Al Patel Of Baywood Hotels Secures $22.05M Construction Loan From Banesco USA For Dania Beach Project
$22,050,000
Building Size
—
Asset Type
Development Site
Closing
Sep 2, 2025
AI
The development site located at the Southeast corner of Gulfstream Way & Griffin Road is poised for a new construction project. This property spans 1.24 acres and is set to feature a six-story, 115-room Element by Westin hotel. The development, encompassing 79,335 square feet, has a project value associated with a recent acquisition at $3.3 million in 2023.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $22,050,000
- Lender: Banesco USA
- Landlord: Al Patel - Baywood Hotels
- Loan Type: Construction
- Design Firm: Anderson Architecture
Al Patel represents Baywood Hotels in this transaction and is steering the construction process in Dania Beach. The financing secured from Banesco USA is targeted towards the realization of this substantial hospitality project, marking a significant step in the development of the area.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.72%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93