Jimmy Tate scores $50M loan for Bahia Mar in Fort Lauderdale Beach

$7M redesign of the 40-acre, 296-key resort will be completed in October

TRD MIAMI /
Sep.September 15, 2017 01:30 PM

Renderings of Bahia Mar and Jimmy Tate

Developer Jimmy Tate just closed on $50 million in financing for Bahia Mar in Fort Lauderdale, property records show.

Tate’s Rahn Bahia Mar LLC boosted its mortgage to $135 million for the property at 801 Seabreeze Boulevard, home to the Bahia Mar Fort Lauderdale Beach – a DoubleTree by Hilton. The lender is Florida Community Bank. Records show Rahn Bahia Mar leases the property from the city of Fort Lauderdale.

In July, the 40-acre, 296-key resort announced a $7 million redesign of the ballroom, guest rooms, common areas and meeting spaces that will be completed in October. Rooms in the 181-room main tower will be upgraded with new carpets, furniture and fixtures. The main atrium will also feature a $50,000 chandelier, according to a press release.

Tate Capital is planning to invest at least $500 million redeveloping the waterfront property into a major mixed-use project. His scaled-down proposal includes adding seven, 11-story apartment buildings, surrounding dock space, restaurants and a small fishing village. Even the new plans have been met with opposition from residents who disapprove of a 651-unit apartment development and 250-room hotel on city-owned, Tate-leased land.

The Fort Lauderdale International Boat Show is set to remain at the Bahia Mar resort through 2050. The 250-slip marina fits 100 mega-yachts, 3,000 feet of parallel dockage and more than four miles of floating docks.

A spokesperson for the developer could not immediately be reached for comment.


Related Articles

arrow_forward_ios
Masoud Shojaee and a rendering of Shoma Village 

Shoma Group scores $67M loan for mixed-use Hialeah project

Shoma Group scores $67M loan for mixed-use Hialeah project
Housing Trust Group CEO and president Matt Rieger and Hudson Village renderings

HTG scores financing for Hollywood affordable housing project

HTG scores financing for Hollywood affordable housing project
 Rendering of Father Marquess-Barry Apartments with Matt Rieger

HTG scores financing for senior affordable housing in Overtown

HTG scores financing for senior affordable housing in Overtown
Fortune International Group’s Edgardo Defortuna, Château Group’s Manuel Grosskopf and a rendering of the project

Fortune and Château score $119M refi for Sunny Isles condo project

Fortune and Château score $119M refi for Sunny Isles condo project
Rendering of the project and from left: Vince Signorello, Ricardo Caporal and Greg West

Zom Living, partners score $57M loan for Ludlam Trail project

Zom Living, partners score $57M loan for Ludlam Trail project
6405 West Boynton Beach Boulevard rendering, Pebb Enterprises President and CEO Ian Weiner

Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan

Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan
Shoma Group CEO Masoud Shojaee and a rendering of Ten30 South Beach

Shoma nabs $18M construction loan for condos near Lincoln Road

Shoma nabs $18M construction loan for condos near Lincoln Road
Rendering of Wynwood 28 and Laurent Morali 

Kushner lands $18M loan for Wynwood projects

Kushner lands $18M loan for Wynwood projects
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...