NKF Capital Markets arranged a $26.6 million loan, secured through Ladder Capital, for the acquisition of the Hilton Melbourne Rialto Place, a 268-key, eight-story full-service hotel at 200 Rialto Place, Melbourne FL.
The team was led by NKF Capital Markets vice chairmen, Debt & Structured Finance, Jordan Roeschlaub and Dustin Stolly, along with associate director Bob Tonnessen and analyst Jason Deck.
The borrower, The Buccini/Pollin Group (BGP), is a privately held company with over $4 billion of real estate assets, including over 40 hotels, six million square feet of office and retail space, 10 major residential communities and multiple entertainment venues.
The BGP team was led by David Pollin, Robert Buccini and Christopher Buccini.
The financing will be used for the acquisition and to fund the remaining Property Improvement Plan (PIP) at the recently renovated hotel. The renovation included every guest room, a new lobby and lounge as well as the fitness center and parking lot. The loan equates to $111,555 per key.
The Melbourne area is a rapidly growing corporate market, with several large employers and a 130-acre business and industrial park.