HES Group scores loan for mixed-use hotel in Midtown Miami

Developers were seeking $120M in construction financing

TRD MIAMI /
Oct.October 20, 2017 11:15 AM

Rendering of Triptych

HES Group just closed on a $9.5 million loan for its mixed-use hotel development in the Midtown Miami neighborhood, property records show.

The lender is 21 Brands S.A., which lists a Panama address.

HES has been quiet when it comes to Triptych, a 20-story tower planned for 3601 North Miami Avenue. Last year, JQ Group of Companies purchased a stake in the project. At the time, the developers said they were seeking $120 million in construction financing, including via EB-5 investors. Construction was set to begin soon after.

HES, managed by Francisco Arocha, was not immediately available for comment.

As planned, Triptych will include 38,000 square feet of retail, 41,000 square feet of offices, 300 parking spaces and a 252-room hotel under Hilton Worldwide’s Curio Collection.

The project scored city planning and zoning board approvals about two years ago. Records show HES affiliate Aventura Hotel Properties LLC purchased the property for $12.25 million in 2014. Two years later, JQ said it paid “in excess of $10 million” to buy both a piece of the development site and a stake in the project itself.

Financing, especially for hotel and condo developments, has become increasingly difficult to secure at this point in the real estate cycle.

HES owns and manages hotels, including the Aloft in West Palm Beach and the Hotel Indigo Brickell.


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
Jeff Burns, Nick Rojo, The Bohemian Lake Worth

Affiliated Development’s Lake Worth Beach apartment project approved

Affiliated Development’s Lake Worth Beach apartment project approved
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
A rendering of the Intracoastal Mall and Gil Dezer

Dezer’s plans to remake Intracoastal Mall face opposition

Dezer’s plans to remake Intracoastal Mall face opposition
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Alta Developers CEO Raimundo Onetto and Le Parc at Brickell rendering

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects
arrow_forward_ios

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

Loading...