Stonehill, a commercial real estate direct lender, announced it had closed a $104 million construction loan with TPI Hospitality for a 254-key Margaritaville Resort in Fort Myers Beach, Florida scheduled to open in early 2023. “Our sponsors benefit from our lending solutions, financial capacity and development expertise,” said Mat Crosswy, Stonehill president and principal. “With funding options from traditional lenders limited for hotel developers, we are pleased to be able to provide capital for a hotel development in a growing market.”
Carrying a 42-month initial term with two extensions, the loan will help fund approximately 70 percent of the cost of the project. Stonehill also recently originated a $28 million loan to fund construction on a 167-key, all-suite Marriott SpringHill Suites hotel in Tampa.