The construction of a 10-story Grand Hyatt hotel at the site of the former Pageant Beach resort will be partly financed through a bridge loan from a fund managed by Bahamas-based Sterling Global Financial, the company announced last week.

The $22.5 million loan will help make the 351-room hotel and residences at the southern end of Seven Mile Beach a reality, Sterling Global said in a press release.

The project, initially a partnership between the Howard Hospitality Group and New Jersey-based Madison Hill properties, was given planning approval in 2017. A deal with Hyatt was announced in early 2018, but there has been no update on a time line for construction since then.

The Howard group did not respond to requests for comment before the press deadline.

Sterling Global Financial Chairman David Kosoy said in the press release that the loan would help facilitate the development.

“With the proposal for the Grand Hyatt in Grand Cayman, it took our team 10 days from introduction to advancing a first mortgage on the project that will generate major economic thrust to the island and produce a 5-star property with residences as well as traditional hotel rooms,” the press release stated.

The mortgage will be placed through Sterling Mortgage Income Fund, it said.

The developers of the resort have previously indicated it will have 351 guest rooms, studio suites, and multi-room units.

It will include six cafes and restaurants, a spa and fitness center, three swimming pools, shops and a private screening room.

It will also have 25,000 square feet of indoor meeting and event space, making it the largest function space in the Cayman Islands