The developer of a new Hilton hotel in Pompano Beach just scored a $17 million loan to finish construction of the property, which is part of the redevelopment of the city’s Fishing Village.
Pompano Beach Pier Hotel LLC, tied to Aashish Patel of Naples-based Madhav Group, secured the loan from Centennial Bank, property records show. The five-story, dual-branded Home 2 Suites by Hilton and Tru by Hilton hotel will have 150 rooms.
When completed, the hotel at 3410 Pier Street will be the first new hotel in the area since the Sands Harbor Marina & Resort opened in 1965. The hotel is part of the the Pompano Beach Pier Development, which totals about 6 acres and is a major redevelopment initiative of the Pompano Beach CRA.
The plans included the redevelopment of the pier and a number of new restaurants including BurgerFi, Kilwins, Alvin’s Island and anchor restaurants Oceanic and Pompano Beach House.
Madhav Group also operates hotels in Boca Grande, Orlando and Fort Myers and Everglades City.
Conway, Arkansas-based Centennial Bank’s parent company, Home BancShares, has just over $14 billion in assets, but has become an aggressive real estate lender in South Florida.
In July, Centennial Bank provided a $20 million loan to companies tied to Moishe Mana for a handful of properties where Mana plans to build the Mana Wynwood Americas-Asia Trade Center & International Financial Center. And in November, the bank partnered with LV Lending to provide a $51 million construction loan to Estate Investments Group for a 306-unit apartment project in West Miami.