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Sept. 28--The developer of a hostel and boutique hotel proposed for a stretch of vacant land along the Mississippi River in Bywater has secured financing from a New Jersey-based private lender to purchase the site.

Kennedy Funding Financial announced that it completed a two-year, $1,525,000 loan to developer Ted Kelso's Pelican Royal LLC. The loan will be used to purchase the 40,000-square-foot lot, the site of a former seafood processing plant that was previously owned by lawyer John Cummings.

Earlier this year, the City Council approved Kelso's plans for the $16 million project, bordered by Royal, Mazant, Chartres and Bartholomew streets. Plans call for a mix of 43 shared hostel-style rooms and private rooms, as well as a restaurant, coffee shop, laundromat, bar, pool and parking lot.

The project -- called "Stateside" -- is scheduled to open in early 2018.

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