The development group building YotelPad Miami closed on a construction loan from Bank OZK for the downtown Miami project.
Aria Development Group and AQARAT received a $76.25 million loan from the bank, previously known as Bank of the Ozarks, property records show. The project, at 227 Northeast Second Street, will be a 31-story tower with 231 condos and 222 Yotel “cabins,” or small hotel rooms.
Miami and New York-based Aria and AQARAT, a Kuwaiti real estate company, broke ground on the building in February. It will mark the first Yotel-branded residential project on the East Coast.
Bank OZK, one of the most aggressive condo lenders in South Florida this cycle, signaled during its last earnings call that it could continue to make big construction loans this year. CEO George Gleason said the bank was seeing strong sales on the condo projects it was involved in, especially developments in Miami.
OneWorld Properties, led by Peggy Olin, is handling sales of YotelPad Miami. The project had sold 75 percent of its condos, according to a spokesperson. A majority of units have sold to Mexican and Chinese investors, in addition to buyers from Argentina, Colombia and other South American markets.
YotelPad officially launched sales in June, and is expected to be completed in early 2021. Units start in the $300,000s. Owners will also be able to participate in a leaseback program or rent their units out elsewhere without restrictions.
AQARAT, in addition to Starwood Capital Group, United Investments Portugal and the Talal Jassim Al-Bahar Family Office, are shareholders of Yotel. The brand has 18 new locations in the pipeline in the U.S., Portugal, Switzerland, Holland, Turkey, Istanbul and Dubai.
YotelPad Miami will have three robot butlers that can deliver food and beverages, gifts, documents and more to guests and unit owners. The building will also have bike storage, a gourmet matcha bar, full-service restaurant and bar with outdoor seating and private dining, a fitness center, co-working space, a lounge, pool deck and pet salon.