American Momentum Bank is financing part of the Home2 Suites project with a $13.7 million construction loan
ORLANDO, Fla. (Mar. 25, 2019) -- Sycamore Investment Group will break ground on a Home2 Suites by Hilton® in Viera, Fla. The four-story extended-stay hotel will have 118 suites and will be located across the street from The Avenue Viera shopping center. The Home2 Suites will be adjacent to a Fairfield Inn and Suites, also developed by the investment group, and will sit at the intersection of Lake Andrew Drive and Town Center Avenue.
American Momentum is the only bank involved with the project, providing a $13,731,250 construction loan to assist with financing the $19 million of construction costs.
“Our other two properties in the area have performed well, and the timing was right to bring a new Hilton product to market in this area,” said Ronak Jasani, executive vice president, Sycamore Investment Group. “With close proximity to The Avenue shopping center, this is an ideal site for an extended-stay hotel and offers our guests access to dining and entertainment just steps away from the property.”
In addition to the Home2 Suites and Fairfield Inn and Suites properties in Viera, Sycamore Investment Group owns and operates a Hampton Inn, located at 130 Sheriff Drive in the adjacent city of Melbourne.
Home2 Suites by Hilton is an all-suite, extended-stay hotel designed for the savvy, sophisticated and economic traveler. All rooms include a kitchenette to create a home-like environment perfect for corporate travelers and families visiting for several days or weeks. In addition, the Viera property will have an oversized patio and pool area, outdoor seating and grills, as well as free internet access, free breakfast, and a fitness center.
“We’re thrilled to partner with Sycamore Investment Group on this project,” said Robert Castillo, senior vice president and senior commercial relationship manager for American Momentum Bank. “Our bank has cultivated a long-standing relationship with Ronak and his team, and we’re excited to assist once again on this new project in the booming Viera area.”
Over the last 10 years, American Momentum Bank has provided Sycamore Investment Group with financing for 3 projects totaling $33 million.
“American Momentum was the first bank I called when this opportunity presented itself because of the good relationship we have with them,” said Jasani. “One thing that stands out is that they always put their client first. They’re a trusted advisor on our projects and we’ve come to trust them for financing and loan advice.”
The Home2 Suites is expected to open its doors in early 2020.