The developers of a new condo hotel in the Bay Harbor Islands just took out $23 million in financing to build their project.
A company titled Bay Village Condos, which is managed by the local Snyder Groisman law firm, took out the loan from the Hall Financial Group, based in Texas.
Bay Village owns the parcels from 9540 to 9580 West Bay Harbor Drive. The waterfront lots, which measure just over three-quarters of an acre, are the development site for the 96-unit Esplendor Hotel. The project is being developed by Brick O Real Estate and Blue Sky, and it will be managed by Fen Hotels, according to marketing material.
Units in the six-story building will range in size from 387 square feet to 1,357 square feet. Each will have a modern, minimalist style and all but one of the five floor plans will have a balcony. The building will have a rooftop amenity deck with a bar and pool.
Bay Village paid $6.2 million to acquire the properties in 2013. The previous owner, a company titled Monarch at Bay Harbor, is an affiliate of the family-owned development company Art + Tec. That firm was transferred ownership of the property by the town of Bay Harbor Islands in 2007, and received approval to build a 96-unit hotel on the property in 2012, according to a report from Condo Vultures.