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$51m construction loan deal for new Westin resort hotel.

Specialty Finance Group, a subsidiary of The Bankers Bank, announced that they closed a $51 million construction/ mini perm loan with Impact Properties for Impact's Westin Tampa Bay resort project.

Specialty Finance Group executed the entire process from proposal to closing, in under 50 days.

Slated to open in December 2008, the waterfront Westin Tampa Bay is located on Rocky Point Island. Overlooking Old Tampa Bay, the 16-story hotel features 255 guestrooms and suites, its own boardwalk and private beach area as well as a waterfront restaurant and lounge.

"The principals of Impact Proper ties are highly adept hotel developers and operators," commented Jon Wright, managing partner of Specialty Finance Group. "Their proposal was thorough and well-conceived. These elements and their preparation assisted us in moving forward rapidly to provide the loan."

Greg Friedman, senior vice president of Specialty Finance Group added, "This project ideally fit our hotel lending parameters.

"More than 70% of the $1 billion which Specialty Finance Group anticipates lending to the hotel industry in 2007 will take the shape of construction/ mini-perm loans to projects with top tier brands and development teams."
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Title Annotation:FINANCE
Comment:$51m construction loan deal for new Westin resort hotel.(FINANCE)
Publication:Real Estate Weekly
Date:Sep 5, 2007
Words:186
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