Synovus Bank of Atlanta issued an almost $25.4 million mortgage to Hotel Development Partners for its development of a Residence Inn by Marriott near Mayo Clinic in Jacksonville.
Mayo Clinic and Butler Boulevard are north of the site.
The mortgage was made to San Pablo RI LLC, part of Atlanta-based Hotel Development Partners. The company bought the 2.64-acre site in September from Steinemann San Pablo LLC.
As previously reported, a 155-room, seven-story Residence Inn by Marriott is planned on the site at 4915 San Pablo Road S.
Hotel Development Partners said previously on its website that its Fund III has begun with the Residence Inn Mayo Clinic in Jacksonville.
HDP Investment Fund III LLC filed a fictitious name with the state July 26 for San Pablo RI LLC.
Plans filed with the St. Johns River Water Management District show it comprises 114,906 square feet of space, including 1,800 square feet of meeting space, a pool and patio. The city approved site development plans.
Hotel Development Partners CEO Allen O’Brien said previously the group expected to open the hotel in fall 2020.
He said the hotel will include brand standard finishes and amenities similar to those at the group’s Residence Inns in Miami Beach Surfside and Perimeter Center/Dunwoody.
The city and the St. Johns River Water Management District are reviewing plans for the proposed 106-room, four-story Tru by Hilton hotel at 2960 Hartley Road.
The 49,072-square-foot project is planned on 2.08 acres. Stellar Futures LLC is the applicant and landowner. Matthews Design Group is the engineer.