Menin Development has secured a $72 million loan for the construction of The Ray, a 141-room hotel planned in downtown Delray Beach.
The 24-month construction loan with extension options was provided by Madison Realty Capital, Commercial Observer reports.
The Ray will feature a 20,000-sq.-ft. pool deck, two full-service restaurants, lobby bar, glass enclosed event space with garden above that has capacity up to 300 people, rooftop pool and bar, fitness center, modern tropical design, curated artwork and outdoor public space, and onsite valet parking, within parking garage.
The site is located in the Pineapple Grove Arts District of downtown Delray Beach, two blocks north of Atlantic Ave.
Designed by Gonzalez Architects in Miami, The Ray is scheduled to be complete in fall 2019.
“With its unique amenities, event spaces and innovative architecture, The Ray will appeal to out of state vacationers and business travelers, as well as to local and regional residents looking for a unique getaway in one of Florida’s most popular destination beach towns,” Menin president Craig Menin stated.
