Miami Beach developer Robert Finvarb just closed on a $46 million loan for the Residence Inn by Marriott he’s developing in Sunny Isles Beach.
Florida Community Bank issued the loan to a corporate entity managed by Finvarb and Barry Shelomovitz, county records show. The financing covers the former Wings Beachwear site at 17700 Collins Avenue, which will be razed for the new hotel. It’s right across the street from the newly built Mansions at Acqualina condo tower.
Plans for the property include a 19-story Marriott-branded hotel designed by Kobi Karp with 194 rooms. Site work on the 31,900-square-foot lot began in January, according to county documents.
Shelomovitz had owned the tourist-oriented beach shop for 22 years. He originally paid a mere $700,000 for the building in 1992.
Two years ago, Shelomovitz transferred his ownership to the new corporate entity managed by both Finvarb and him. The two quickly sought city approvals for the new hotel after the transfer.