Developer gets $32M loan for Miami Beach hotel

Sabadell United provides financing to Robert Finvarb's company

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.

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