Samar Hospitality has secured a $24 million construction loan for the development of a Aloft hotel in Delray Beach. The funding was supplied by Manufacturers & Traders Trust Co., who also loaned the developer $1.5 million in 2014 to finance its acquisition of the site. The Jericho, New York-based firm, which bought the 1.7-acre development site for $2.54 million, will build a a five-story, mixed-use building with 122 Aloft hotel rooms, 35 condominium units and 6,280 square feet of retail store space. Located at 202 to 272 Southeast 5 Avenue, the scheme is slated for completion in 2019.
