Miami-based Epelboim Development Group has received a $21.5 million loan to finance construction of a Tru by Hilton hotel in Orlando, The Real Deal reported.
The developer wants to build an eight-story, 259-suite hotel on Westbrook Ave..
The construction loan is “part of our capital stack, which is made up of the loan, private equity and EB-5 capital, totaling $39.5 million,” president and CEO Noel Epelboim said in a statement.
BridgeInvest originated the construction loan for the hotel, which would be the largest Tru by Hilton to date.
The hotel is expected to open in the fourth quarter of 2019.
