Several companies linked to brothers Joseph and Meyer Chetrit and Miami developer Ari Pearl obtained a $45 million loan from Ocean Bank for the Tides South Beach and an assemblage of properties behind the hotel, The Real Deal has learned.
The New York developers and Pearl received the financing last week, according to Miami-Dade County records. The loan matures in October 2016 and has extension options to push the maturity date to October 2017 and October 2024. The companies can pursue future advances of up to $90 million over the next 20 years.
Part of the mortgage will be used to fund the construction of a 95-room hotel and parking garage on land behind the Tides, which was acquired by the Chetrit brothers and Pearl three years ago.
The Chetrits and Pearl have amassed a substantial portfolio of Miami Beach hotel properties in recent years. They are also proposing a massive mixed-use development near downtown Miami called Miami River.