Shore Club gets $185M loan to revamp project with condos

The iconic Shore Club in South Beach just received $185 million in refinancing, marking another step in New-York based HFZ Capital Group’s plan to turn the property into a 5-star hotel and condominium.

HFZ’s plan for the oceanfront property at 1901 Collins Avenue includes restructuring the existing 309 rooms into 100 hotel rooms and 75 residences, as well as bringing in a 5-star hotel brand.

Carlton Group, an international real estate investment firm, arranged the refinancing, Globe Street reported.  The lender was Banco Inbursa, a Mexico-based bank owned by Carlos Slim.

The Shore Club was designed by British modernist David Chipperfield and was built in 1938. HFZ purchased the hotel in 2013 for $175.3 million. The developer has brought in Brazilian architect and designer Isay Weinfeld to lead the redesign. Enzo Enea will manage landscaping.

Sales for the revamped Shore Club began during Art Basel Miami Beach. Units prices start at $2 million, with sizes ranging from one to three bedrooms.

This is the developer’s first major project in Miami after founder Ziel Feldman left the Miami-based Property Markets Group to form HFZ in 2005. Twenty percent of the units have already been reserved.

“It began three years ago,” Feldman said of the redevelopment. “Because of its iconic nature and location it became the one and only project we’re currently planning on doing there.” [GlobeSt.com] — Sean Stewart-Muniz