Co-developers Robert Finvarb and Tony Cho closed on a $67 million loan for a mixed-use hotel near Brickell City Centre, records show.
C-F Brickell Owner LLC secured the financing from City National Bank to build on the assemblage of nearly 29,000 square feet of land at 115 Southwest Eighth Street in Miami.
Last year, the Miami Urban Development Review Board approved plans for a 21-story, 264-key dual-branded hotel on the property. The project, designed by Arquitectonica, would also feature 25,000 square feet of retail space, structured parking and a rooftop terrace.
It will be built near the Underline, a linear park that will run underneath the Metrorail tracks, beginning in Brickell and south to Dadeland.
The partnership paid $18.4 million for the site in 2017, according to property records.
Finvarb, a Miami Beach developer, is also planning a 250-unit apartment building in North Beach. The project, with ground floor retail, restaurants and a fitness component, would be similar to Sunset Harbour. In July, the Miami Beach Planning Board unanimously approved a land swap tied to the development.
Cho, president and CEO of Metro 1, is part of the development group behind the Magic City Innovation District, a $1 billion planned mixed-use project in Little Haiti.