Related Ross snags $173M loan to buy West Palm hotel

Billionaire developer Steve Ross added another trophy building to his expansive West Palm Beach portfolio with $172.5 million in financing.  Tokyo-based Nomura provided the loan to West Palm Beach-based Related Ross for the acquisition of The Ben Hotel, a 208-room property at 251 North Narcissus Avenue that operates under Marriott’s Autograph Collection brand, a press release states. A Newmark team led by Jordan Roeschlaub and Nick Scribani arranged the mortgage on behalf of Related Ross.  The financing amounts to about $829,000 per hotel key. A CBRE led by Robert Webster and Ron Danko Jr. represented the seller, an affiliate of […]This article originally appeared on The Real Deal. Click here to read the full story.