Urbanica scores construction loan from Miami Beach’s biggest developer

Despite being the company’s third hotel in Miami Beach, the new hotel will be named The Fifth Hotel

Miami /
Sep.September 13, 2019 04:55 PM
Russell Galbut and the Fifth Hotel

Russell Galbut and the Fifth Hotel

Urbanica Management just scored a loan for a hotel project, but they didn’t go to a bank for the financing. Instead, they got the cash from Miami Beach’s largest developer.

Urbanica scored a $9 million construction loan from a company tied to Russell Galbut that will be used to finish constructing its third hotel in Miami Beach.

Despite being the company’s third hotel in Miami Beach, the new hotel will be named “the Fifth Hotel.” It will have 52 rooms, a restaurant, 45 parking spaces, and a rooftop pool, according to Charlie Porchetto, a principal at Urbanica. It will sit at 803 Fifth Street.

Porchetto said he could not disclose the name of the restaurant, but that it will be a partnership with a New York Italian restaurant.

Urbanica Management bought the property in 2017 for $5.97 million from Ronny Finvarb. The lot totals 9,000 square feet.

Urbanica recently bought a vacant waterfront lot at 6747 Collins Avenue in Miami Beach from China City Construction for $40 million where the company is planning to build a 20-story, 200-key hotel.

Urbanica also owns the Meridian Hotel in Miami Beach and The Euclid Hotel at 426 Euclid Ave in Miami Beach, which Porchetto said he expects to open in the next month.

Russell Galbut is one of the largest developers in Miami Beach. His company Crescent Heights is planning to build a 44-story, 519-foot-tall luxury residential building dubbed Park on Fifth at 500 Alton Road, the site of the former South Shore Hospital.

In June, Galbut’s firm said it had built over 150 projects nationwide valued at about $12 billion.


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