The Real Deal Miami

Citigroup, Cantor lend $190M to Eden Roc owners

Most of the loan will pay off another; $52M set aside for renovation

July 11, 2015 10:00AM

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Eden Roc Hotel

Eden Roc Hotel

The owners of the Eden Roc Hotel got a $190 million loan from Cantor Commercial Real Estate and Citigroup secured by the Miami Beach landmark. Institutional sponsors of Cantor include affiliates of CIM Group and Cantor Fitzgerald, L.P.

The Daily Business Review also reported that the Eden Roc owners will use approximately $138 million of the new $190 million loan to pay off a loan from Banco Bilbao Vizcaya Argentaria and will use the remaining $52 million on hotel renovations.

The Eden Roc owners notified Miami-Dade County the day before the $190 million loan closing on June 25 that interior work on a hotel restaurant, an entryway and adjacent areas was starting.

The owners announced in December that within the 631-room Eden Roc, built in 1955, they plan to build a Nobu Hotel with 210 rooms, scheduled to open later this year.

The Eden Roc, at 4525 Collins Avenue, got its original design from architect Morris Lapidus. The hotel has four pools and 70,000 square feet of interior space.

Members of the Ardid family, which operates real estate investment and development company Key International, are the owners of the Eden Roc.

Separately, TotalBank extended a $50 million loan secured by the Grand Beach Hotel at 9449 Collins Avenue in Surfside. Karyl Argamasilla, of counsel in the real estate practice group at Miami-based Bilzin Sumberg Baena Price & Axelrod, said two other banks would have made the loan if TotalBank had said no. [Daily Business Review]Mike Seemuth