DELRAY Seaside, FLA. — ACRES Funds Corp. has supplied a virtually $86 million bank loan to refinance The Ray Resort Delray Seashore, a new hotel positioned at 233 NE 2nd Ave. in Delray Beach. The home is a member of the Curio Assortment by Hilton model of inns. The financial loan was presented to sponsor Menin Growth Inc., a actual estate development firm. The Ray Lodge Delray Seashore is slated to open up at the starting of September 2021.
Ray Hotel will span 141 rooms and 4 stories. The property’s features will contain a 20,000-sq.-foot rooftop with an outside pool, restaurant and bar. In complete, the lodge will also present extra than 45,000 sq. toes of indoor and outdoor function house. Furthermore, the assets will also involve a 3,590-sq.-foot function room named The Cube, which will be utilized for weddings, charity functions, functions and other main gatherings.
Additional meals and beverage choices will involve a cafe, as nicely as a foyer bar and coffee bar. Other facilities will feature a health and fitness space, valet laundry, shuttle services to the seaside and a personal seaside part for lodge company.
Ray Lodge is positioned .4 miles from the Delray Seashore and about two blocks north of Atlantic Avenue, a principal thoroughfare with dining establishments, bars and retail suppliers.
Richard Horowitz of Cooper Horowitz organized the financial loan. Drew Miller and James Bracco of ACRES originated the offer.