Madison Realty Capital Provides $70M Construction Loan for Resort in Broward County

HOLLYWOOD, FLA. — Madison Realty Capital has provided $70 million in construction financing for the Melia Costa Hollywood Beach Resort, a six-story, 307-unit hotel and condominium property located on Hollywood Beach. The resort will be located at 777 N. Ocean Drive in Hollywood, a city in Broward County fronting the Atlantic Ocean. C.J. Danziger and Meir Kessner of Eastern Union Funding arranged the financing through Madison Realty on behalf of developer Moses Bensusan’s Liberty Grande LLC. The financing will be used to complete the construction of the $180 million project. The Meliá Costa Hollywood Beach Resort will feature studio, one-, two- and three-bedroom units. Amenities will include a fitness center and holistic spa, boutique stores and restaurants, a rooftop infinity-edge pool, sun deck, reflection pool, rooftop and lobby lounges and an open courtyard. The asset was 85 percent pre-sold at the time of financing. The property topped out last year and completion is expected by year’s end.