RevereCRE

Hyatt House Development Site - Mishawaka, IN

Mishawaka, Mishawaka, IN 46544, United States

Hyatt House Development Site - Mishawaka, IN

HREC Investment Advisors (“HREC IA”) is pleased to present to qualified investors the opportunity to become an equity partner in the ±3.2-acre, Hyatt House Hotel Development Site (“Site” or “Property”) situated in a prime, downtown, river-view location at Main Street Island Park, Mishawaka, Indiana 46544.

Property Type
Hotel & HospitalityLand
Deal Type
Development
Risk Profile
Value-AddOpportunistic

Proxima Management is seeking a joint venture partner to acquire a fully-entitled riverfront site and develop a 122-room Hyatt House in downtown Mishawaka, IN. The site is located adjacent to the police station and in a prime downtown location. It would be the only hotel in downtown Mishawaka and feature a restaurant and bar with prime riverfront views. The total cost including land, construction, and start-up expenses is close to $21 million. Proxima has identified local lenders interested in financing the construction, including one who has provided a favorable term sheet. Total equity needed is between $5-$7 million. The city of Mishawaka is still evaluating the size and form of incentives, which could reduce the equity needed to the lower end of the range.