BETHESDA, Md., Dec. 3, 2015 /PRNewswire/ -- Walker & Dunlop, Inc. (NYSE: WD) announced today it structured an $18,432,800 construction loan for Maritime Wyndham TRYP at Marina Bay Resort in Fort Lauderdale, Florida. With over 110 hotels across Europe and the Americas, TRYP by Wyndham is an urban hotel brand with Maritime Wyndham TRYP at Marina Bay Resort being the first franchised hotel in Florida.
David Gahagan, senior vice president, led the Walker & Dunlop team. The construction loan provides for 36 months of construction/stabilization with a four year mini-perm option term, and the lender underwrote to 70% loan to cost. Mr. Gahagan stated, "Broward County is one of the strongest hotel markets in the state. After working with Hotel at Marina Bay, we are excited to bring the first Wyndham TRYP franchise to the area. With the expertise of the Walker & Dunlop team and the phenomenal relationship with Hotel at Marina Bay, this transaction closed flawlessly."
Jack Taplin, Hotel at Marina Bay president, commented, "Dave Gahagan and his team explored all financing options and ultimately provided us with an excellent financing package exceeding our expectations."
The Maritime Wyndham TRYP at Marina Bay Resort will be housed in an eight story structure featuring a 5,350 square foot lobby, infinity style pool area with koi ponds, zen garden sitting area, fitness center, sports theatre, kiosk style front desk, a fresh market convenience store, and a gastro pub serving breakfast and tapas. In addition, the hotel will feature 2,500 square feet of meeting space designed to serve meetings and group functions. The typical guest floor will have 22 rooms with 8 double beds and 14 king beds.
The 150-room hotel will have a maritime theme, as it will be located in the heart of the Marina Mile District near Fort Lauderdale International Airport and the Port Everglades Cruise Terminals. The hotel will enhance the already thriving area which includes 376 luxury apartment units, a 168 slip mega yacht marina, and the Rendezvous Restaurant.
About Walker & Dunlop Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 500 professionals in 24 offices across the nation with an unyielding commitment to client satisfaction.
SOURCE Walker & Dunlop, Inc.