L’Atelier developers score $28M refi for sold-out North Beach tower

18-story, 24-unit project is expected to open later this year

May.May 15, 2018 05:30 PM

Rendering of L’Atelier Residences (Credit: ArX Solutions)

The developers of L’Atelier Residences in North Beach refinanced their construction loan with a $27.8 million loan from Bank of the Ozarks.

The Disney family’s Shamrock Holdings, SMG Management and W Capital Group are the developers behind the 18-story, 24-unit building under construction at 6901 Collins Avenue in Miami Beach.

The lower leverage, lower interest rate loan replaces the $57 million construction loan the developers took out last year. Romspen Mortgage Investment Fund, a Toronto-based lender, provided the original financing, said David Larson of NKF Capital Markets. Larson arranged both loans.

L’Atelier is now sold out. Buyers include Steve Hafner, co-founder of Kayak.com, who is paying $21 million for the penthouse. Thanks to the penthouse sale, the developers secured a lower interest rate for the rest of construction, according to Larson.

SMGW Golden Sands LLC bought the 40,250-square-foot development site out of foreclosure in 2013, and demolished the former Golden Sands Hotel to build the new tower.

L’Atelier, designed by architect Luis Revuelta with interiors by Holly Hunt, is expected to be completed later this year. Amenities will include an infinity edge pool and deck, cabanas, a hammam spa, a gym and more.

Prices ranged from $3.5 million to $25 million. One Sotheby’s International Realty handled sales, which launched in 2015.

The developers could not be reached for comment.

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