Meridian Capital Closes first international deal for $60M Hotel/Casino in Panama City
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Meridian Capital Closes first international deal for $60M Hotel/Casino in Panama City
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2007-06-22
Meridian Capital Group arranged financing in the amount of $60,000,000 for The Veneto Hotel & Casino, an 18-story, 301-room hotel/casino totaling 332,798 square feet located in downtown Panama City. Angela Mirizzi-Olsen negotiated on behalf of Silver Entertainment, LLC (SE), a new hospitality and gaming company established in March by New York-based developer, The Andalex Group, to secure a favorable floating rate through Deutsche Bank. The selling party was the partnership of Moisès Haskey, Alberto Daniel Btesh and Abraham Btesh.
The The Veneto Hotel & Casino is an existing hotel built in 2005
on a 1.14-acre site and is currently the most modern casino in Panama and Latin America, with over 45,000 square feet of state-of-the-art gaming space including 511 slot machines and 42 tables. The gaming area also features a stage for live performances. The ground floor contains a lobby, two restaurants and six street-front retail spaces. The casino is housed on the mezzanine level and floors two through six contain service spaces and parking. The pool and spa are on the seventh floor and the rest of the building is comprised of hotel rooms.
The property, which will be re-branded as ‘Veneto- A Wyndham Grand Hotel Veneto Casino’, is located on Via Veneto, 20 minutes away from Panama’s Tocumen International Airport (PTY) in the heart of the financial and banking center.
Founded in 1991, Meridian Capital Group LLC is one of the nation’s largest mortgage brokerages serving the multifamily and commercial real estate sectors. The company is based in New York City with additional offices in New Jersey, Pennsylvania, Maryland, Illinois, Florida, California, and Texas. Working with a wide variety of lenders, Meridian finances transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage, industrial, and construction properties. Nationally, Meridian reported more than 2,500 transactions in 2006, totaling over $17 billion.
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