Private real estate lender BridgeInvest has closed on a $24.5 million loan to support the acquisition and renovation of two Marriott properties in Ocala, Fla.
The properties include a 169-key Courtyard by Marriott and an 87-key Residence Inn by Marriott. The sponsor, Harborview Capital Group, acquired the portfolio from American Hotel Income Properties for $26.5 million and plans to renovate both properties. Renovations will include updates to exteriors, soft goods, furniture, painting, flooring, bathrooms and lobbies, with completion expected by year-end 2025.
The properties are positioned off I-75 and are less than a 15-minute drive from the World Equestrian Center, one of Ocala’s most notable attractions. The city is experiencing rapid population growth and was listed as the fourth fastest growing metro area in the U.S. between July 2022 and July 2023. Ocala is also located just north of The Villages, the fastest growing metro area for the same period per the U.S. Census.
BridgeInvest recently closed a $670 million equity raise for its Fund IV. The Miami-based asset manager and direct lender is poised to deploy significant capital across the U.S., with plans to close up to $1.2 billion in transactions over the next 24 months.