Park Central Hotel in Miami Beach receives $40M loan

Park Central Hotel
Park Central Hotel on Ocean Drive

The Park Central Hotel on Ocean Drive secured a $40 million construction loan, HFF announced recently.

BB&T Real Estate Funding granted the financing, which will be used to redevelop the three existing Art Deco buildings — the Park Central, the Imperial Hotel and the Heathcoat Apartments — and a vacant lot, which will all be converted into a 135-room boutique hotel with three new restaurants totaling 8,100 square feet, a rooftop glass-bottom pool, a ground-floor pool with ocean views, 24 suites and 1,380 square feet of meeting space, according to a press release.

The hotel is slated for completion in early 2017 and will be located at 620 to 650 Ocean Drive, directly across from Lummus Park.

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The HFF team was led by managing director Jim Dockerty, associate director Scott Wadler, and analyst Marc Roth.

“When completed, the Park Central Hotel will re-establish Ocean Drive as a luxury boutique hotel and fine-dining destination,” Dockerty said in the press release.

Park Central Partners, an affiliate of Optimum Asset Management, bought the three hotels in July 2013 for $34 million, according to Miami-Dade County property records. The company also bought the vacant lot next door for $5.27 million, bringing the total to nearly $40 million and 0.75 acres.