Fort Partners scores $135M refi for Four Seasons in Palm Beach, plans renovations

Loan refinances $80M loan and adds $55M

TRD MIAMI /
May.May 04, 2018 04:30 PM

Renderings of renovations for Four Seasons Resort Palm Beach and Nadim Ashi

Nadim Ashi’s Fort Partners just scored a $135 million loan for its Four Seasons Resort Palm Beach, amid major renovations set to begin next month.

Property records show Acore Capital provided the financing for the 210-room resort at 2800 South Ocean Boulevard. The loan refinances an $80 million mortgage from Sachs FS Limited Partnership and Palm Beach Hotels LTD and adds an additional $55 million in financing.

Renovations for the 28-year-old hotel were first approved by the city of Palm Beach about two years ago, but the project has been delayed as plans have been tweaked, according to the Palm Beach Daily News.

The renovations were designed by interior designer Martin Brudnizki and architect Leo Daly with landscaping by Fernando Wong. Plans include enhancing the landscaping, re-designing guest rooms, remodeling a pool deck, building an additional adult-only pool and opening a new restaurant with a Michelin-starred chef. The chef has not yet been announced.

The Four Seasons will close after the Memorial Day weekend, with construction scheduled to begin in June. The property is slated to reopen this fall.

Ashi’s Fort Partners bought the Four Seasons’ previous owner J.V. Associates in 2014 for an undisclosed price.

Fort Partners is also in the midst of building a 22-story Four Seasons Hotel and Private Residences Fort Lauderdale. Once complete, the project at 525 North Fort Lauderdale Beach Boulevard will feature 90 condos and 130 guest rooms. The project broke ground on Monday.


Related Articles

arrow_forward_ios
Dan Gilbert and 100 El Bravo Way (Credit: Getty Images and Realtor)

Company tied to Quicken Loans buys Palm Beach estate for $25M

Jeffrey Soffer and Fontainebleau Miami Beach

Fontainebleau Miami Beach reveals proposed addition

Renderings of the project

Proposed project in Dania Beach combines a hostel with recording studio

670 Island Drive and Paul Shiverick (Credit: Getty Images) 

Hedge funder sells Palm Beach home for $19M

Renderings of the penthouse and Fredrik Eklund (Credit: Four Seasons Private Residences Fort Lauderdale)

Fredrik Eklund tapped to list $35M PH in Fort Lauderdale

Matt Rieger and a rendering of Paradise Lake Apartments

Developer scores financing for West Kendall affordable housing project

Todd Glaser and the home

Todd Glaser venture sells Palm Beach spec home for $9M

Wynwood 25 and Wynwood Annex with Jon Paul Perez and Jonathon Yormak (Credit: East End Capital/Related Group)

Related, East End score $136M refi of Wynwood projects

arrow_forward_ios
Loading...