Search
 

Riviera Point Secures Funding to Finish Hotel Near Airport

In addition to the Centennial Bank construction loan, Riviera Point has raised close to $6.5 million in private equity and $11.5 million in EB-5 funds for the construction of the Radisson RED.

Construction of the hotel, which will be the first Radisson RED built in Florida, is expected to be complete by the second quarter of 2019. Construction of the hotel, which will be the first Radisson RED built in Florida, is expected to be complete by the second quarter of 2019.

MIAMI—Locally-based development firm Riviera Point Development Group reports it has secured the necessary funding to complete its Radisson RED hotel project near Miami International Airport.

Construction on the building commenced in December of last year. The hotel at 3401 NW 25th St., which was recently topped off, will feature 155 guest rooms. Riviera Point secured a $16.5-million loan from Centennial Bank, which will help fund the nearly $34.5-million cost for the new hotel that is being built on 1.1 acres.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

More from this author

Recommended Stories

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.