The Ray Hotel
Delray Beach, FL

Investment Type: Construction Financing
Property Description: Hotel/Retail New Loan Origination
Loan Amount: $72MM

  • MRC originated a $72MM first mortgage loan collateralized by a hotel development site and 17,252 SF retail center in the Pineapple Grove neighborhood of Delray Beach, Florida.

  • The 1.9-acre lot spanning the entire block allows for the development of a four-story, 220,636 SF boutique hotel operating under the Curio Collection brand by Hilton Worldwide, and a standing retail center, “Esplanade Plaza,” on the northern half of the Property.

  • The hotel, when complete, will include 141-keys with a blend of king, double queen, and suite rooms, with 98 benefiting from a private terrace as well as a 179-space below grade parking garage.

  • Amenities include a lobby bar and seating area, a fitness center, a 20,000 SF rooftop lounge equipped with a restaurant and bar, infinity pool, and outdoor yoga area, and a total of 23,325 SF of food and beverage space featuring five servicers.

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