BD Hotels Secures $75 Million Construction Loan For 201-Key Hotel In West Palm Beach

The Nora Hotel is a boutique hotel located at 905 West Railroad Avenue in West Palm Beach, featuring 201 keys. The asset is part of the Nora District, which is undergoing significant redevelopment including over 150,000 square feet of adaptive reuse and new development. This project marks the first foray of BD Hotels outside New York City and is supported by a construction loan amount of $75 million from Metropolitan Commercial Bank.

Summary of transation details:

• Property Type: Hotel
• Transaction Amount: $75,000,000
• Address: 905 West Railroad Avenue
• Market: West Palm Beach
• Asset Keys: 201
• Lender: Metropolitan Commercial Bank
• Landlord: BD Hotels
• Development Partners: NDT Development, Place Projects, Wheelock Street Capital
• Expected Completion: Early 2025

Mark A. Fisher and Steven Klein from JLL are the brokers involved in this transaction, representing BD Hotels in securing the construction financing for The Nora Hotel. The project aims to enhance the Nora District and reflects a collaborative effort among several development companies.