Seacoast bank grants hotel construction loan in Coconut Creek
Senior Reporter- South Florida Business Journal
Seacoast National Bank has financed the construction of a 105-room hotel in Coconut Creek.
In a May 30 deal, Technological University of America sold the 7.5-acre site at 5000 N. State Road 7 to Coconut Creeks Hotel for $2 million. That’s below the property’s last sale for $5.4 million in 2008.
The new buyer is a partnership between Miami-based Coconut Creek Hospitality Group, led by Seth Fellman, and Coral Springs-based Bluewater Builders, led by Todd Nezwek.
The Stuart-based bank (NASDAQ: SBCF) gave Coconut Creeks Hotel a $6.5 million first mortgage and a $3.5 million second mortgage.