Driftwood Capital ("Driftwood") has obtained $207 million in construction and Commercial Property Assessed Clean Energy (C-PACE) financing for the development of the Westin Cocoa Beach Resort & Spa on Florida’s Space Coast. The $420 million luxury resort, featuring 502 rooms, broke ground in September 2024 and is set to open in 2027.
City National Bank of Florida provided $70 million in construction financing, while Bayview PACE, a division of Silver Hill Funding, contributed $137 million through C-PACE financing. Additionally, Driftwood secured a $50 million credit facility from Amerant Bank at the holding company/fund level.
The Westin Cocoa Beach Resort & Spa, located at 1300 N Atlantic Ave, will boast a wide range of amenities, including:
- 11 food and beverage venues, including themed restaurants
- A world-class spa
- Surfing wave pool and swimming pools
- Tennis and pickleball courts
- A fitness center with cardio and weights
- Multiple retail options
- A multistory parking garage with space for 800 vehicles
The resort will also cater to events and conferences, offering 72,000 square feet of open-air venues and 51,500 square feet of indoor meeting space.
"This project represents a significant investment in the Space Coast, and we’re excited to bring an unparalleled resort experience to Cocoa Beach," Driftwood Capital shared in a statement.
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