Developer gets $32M loan for Miami Beach hotel

Miami /
Jan.January 30, 2014 09:45 AM

UPDATED, 2:30 p.m., Jan. 30: A company tied to hotel developer Robert Finvarb has obtained a $32.1 million leasehold mortgage for the future AC Hotel by Marriott in Miami Beach, The Real Deal has learned.

Finvarb’s 2912 Collins Avenue LLC received the financing from Sabadell United Bank on Monday, according to Miami-Dade County records. The project site is owned by Seville Acquisition, a company tied to Courtyard Management Corp. of Bethesda, Md.

Plans for the 150-room hotel include 4,000 square feet of retail space, according to Finvarb’s website.

Across the street from the AC Hotel site, developer Ian Schrager is partnering with Marriott on the Edition hotel brand. Edition Miami Beach is the first United States version of the brand. It is expected to open this spring.

Schrager is also developing the 26-unit Residences at the Miami Beach Edition on the site. The pending $34 million sale of a combined-unit penthouse at the project was announced last year.

Bay Harbor Islands-based Finvarb has developed 11 hotels totaling about 2,000 rooms operating under numerous Marriott brands in six states and the District of Columbia. His company is also developing the 10-story Hyatt South Beach at 1600 Collins Avenue. It received $29 million in construction financing from BB&T for that project. — Eric Kalis

Correction: An earlier version of this article incorrectly stated that the financing was for the Edition Miami Beach project, which is located across the street from the AC Hotel site.


Related Articles

arrow_forward_ios
Alex and Yanina Sapir, the Venetian Islands and the motion
Alex Sapir secretly attempted to sell Miami Beach home amid divorce, wife alleges
Alex Sapir secretly attempted to sell Miami Beach home amid divorce, wife alleges
Palazzo Della Luna at 6800 Fisher Island Drive in Miami Beach
Palazzo Della Luna closing tops Miami-Dade weekly condo sales
Palazzo Della Luna closing tops Miami-Dade weekly condo sales
From left: Tricap’s David Edelstein and RFR’s Aby Rosen with 2201 Collins Avenue
RFR, Tricap file dueling lawsuits for control of W South Beach
RFR, Tricap file dueling lawsuits for control of W South Beach
Kim and Todd Glaser with 3681 Flamingo Drive
Spec developer Todd Glaser sells longtime Miami Beach home
Spec developer Todd Glaser sells longtime Miami Beach home
Grove at Grand Bay
Grove at Grand Bay, One Thousand Museum tie for priciest weekly condo sale
Grove at Grand Bay, One Thousand Museum tie for priciest weekly condo sale
801 Brickell with Nuveen Real Estate’s Mike Sales and Jose Minaya and 100 N. Biscayne Blvd. in Miami with RFR Holding’s Aby Rosen (Google Maps, Nuveen Real Estate, Getty)
Lease roundup: Nuveen scores European bank, Rosen’s RFR nabs coworking firm
Lease roundup: Nuveen scores European bank, Rosen’s RFR nabs coworking firm
The Webster with Craig and Scott Robins (Google Maps)
The Webster wants to sell Miami Beach HQ on Collins Avenue
The Webster wants to sell Miami Beach HQ on Collins Avenue
Southgate Towers in Miami Beach at 910 West Avenue in Miami Beach with Air Communities’ Terry Considine (Air Communities, Google Maps)
Aimco spinoff Air pays $251M for South Beach Southgate Towers
Aimco spinoff Air pays $251M for South Beach Southgate Towers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...