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

Miami /
Sep.September 15, 2017 01:30 PM

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
Robert Finvarb and Abraham “Abie” Hidary with the site at 2534 North Miami Avenue (Koniver Stern Group)
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
arrow_forward_ios

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

Loading...