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

Renderings of Bahia Mar and Jimmy Tate
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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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.