The Real Deal Miami

Melia Costa developers tap Greystone as adviser

Company's first act was to broker $22.5M in construction financing
By Sean Stewart-Muniz | September 08, 2015 03:00PM

An aerial view of the Melia Costa construction site in May and a rendering of the finished product

Greystone, a real estate company based in New York, has announced that it will act as an adviser for the Meliá Costa condo-hotel development in Hollywood Beach.

Last week, a deed was filed in Broward County that transferred ownership of the hotel’s project site from Liberty Grande LLC, the developer, to a company controlled by Greystone.

Greystone’s first order of business was to broker a $22.5 million construction loan for the 307-unit project at 777 North Ocean Boulevard. The financing came through two loans issued by Maxim Capital Group, a private real estate investment company also based in New York.

Greystone’s announcement stated that the company would continue looking for “additional capital resources” for the $150 million project.

“The Meliá Costa Hollywood project is a stunning addition to the [Hollywood] market, and we are looking forward to participating in the success of the project as it progresses,” Jeffrey Simpson, head of Greystone Property Development, said in a statement.

The six-story resort topped off in May and is expected to open this fall. Developers said 80 percent of the building’s studios, one-bedroom, two-bedroom and three-bedroom units have been sold.

Meliá Hotels will operate the resort. The international hotel brand came on board late last year when Liberty Grande, headed by Moses Bensusan, negotiated a management deal. The condo-hotel’s amenities will include a holistic spa, restaurants, business center and rooftop infinity pool.