ACRES Capital Corp. has originated a nearly $86 million loan to refinance The Ray Hotel Delray Beach, a member of the Curio Collection by Hilton brand of hotels located at 233 NE 2nd Ave. in Delray Beach, Florida.
The loan is provided to sponsor Menin Development Inc., a real estate development firm that has acquired, developed and remodeled properties worth more than $1.5 billion across the Mid-Atlantic and Southeast U.S. The Ray Hotel Delray Beach is in its final stages of construction and is expected to open on September 1st, 2021.
The Ray Hotel will feature:
• 20,000-square-foot rooftop with an outdoor pool, restaurant and bar
• 45,000 square feet of indoor and outdoor event space
• A signature, 3,590-square-foot event space called The Cube, which will be ideal for weddings, charity functions, parties or other major events
• Upscale restaurant, lobby bar and coffee bar
• Fitness room, valet laundry, shuttle service to the beach
• Private beach section for hotel guests
The Property resides within the Pineapple Grove Arts District, which features an eclectic mix of boutiques, bistros, art galleries, salons and spas, and is well-known for its public artwork and attractions like Artist’s Alley, which contains working artist studios; as well as trendy entertainment venue Arts Garage. The Ray Hotel Delray Beach is located less than a mile from the beach and approximately two blocks north of Atlantic Avenue.