Berkadia Arranges $17.5M Construction Loan for New Hotel in Tallahassee | REBusiness Online
Tallahassee, Fla. (Sept. 4, 2018) – Berkadia announced today it has arranged $17.46 million in construction loan financing for Hotel Indigo, a 143 key midrise hotel to be developed in Tallahassee, Florida. Senior Director Brad Williamson and analyst Kyle Ryan of Berkadia’s Miami office arranged the loan on behalf of Alan Hooper and Tim Petrillo of Urban Street Development, a real estate design, development, and management firm based in Fort Lauderdale, Florida.
Alan Hooper said, “Hotel Indigo will be a key component of the overall FSU CollegeTown project and experience. This hotel will not only fill a void within the CollegeTown District, but it will be a great amenity to both Florida State University as well as the City of Tallahassee, with its close proximity to the university, airport and downtown Tallahassee.”
Hotel Indigo will be one of the final pieces to Urban Street Development’s CollegeTown District. This master planned mixed-use project already includes 982 beds of student housing, 60,000 square feet of retail and restaurant space, and two parking garages containing over 1,000 parking spaces. This $125 million development project began in 2013 with the completion of CollegeTown Phase I.
Brad Williamson said, “We canvassed the market and obtained excellent terms with a regional bank which offered a five-year, fixed-rate construction loan at 65 percent leverage. Hotel Indigo will be a huge success and best hotel in Tallahassee once complete.”
Situated at 826 Gaines Street, Indigo CollegeTown will be located adjacent to Florida State University and steps away from Doak Campbell Stadium, home to FSU’s Seminole football team. The hotel will be less than a mile from Florida A&M University’s campus, one mile east of the Florida Capitol Building and will also be the closest hotel to Tallahassee International Airport. The upscale self-service hotel will include a restaurant and lobby bar. The hotel will feature an edgy contemporary design created by noted hospitality design firm ai3, a designer of several other Indigo Hotels.