UPDATED, Oct. 22, 2019, 6:25 p.m.: A Holiday Inn by IHG will soon rise in Miami’s Edgewater neighborhood.
Bank OZK provided a $27.5 million construction loan for the eight-story, 207-key hotel planned for 410 Northeast 35th Terrace. The hotel is being developed by Amaury Martinez of Edgewater Hotel Management. It’s expected to be completed next summer.
The loan closed on Friday. BGI Capital, led by Robert M. Barthelmess, arranged the loan. Kobi Karp Architecture & Interior Design is the architect for the project.
Martinez originally planned to develop the site with the Heafey Group as the Bentley Edgewater Hotel & Residences, but canceled that project when condo sales lagged. Martinez previously told The Real Deal that it was difficult to get a construction loan without enough presales.
Martinez bought the lot in June 2015 for $2.27 million through the entity Satori Land, which he controlled jointly with Heafey Group’s Hussein Zayoun and Christian Berube, records show. In May of last year, the entity filed paperwork with the state removing Berube and Zayoun, leaving Martinez as the last controlling member.
Apartment and hotel developers have swooped into Edgewater in recent years.
At 3400 Biscayne Boulevard, 3H Group is completing construction of a 153-room AC Hotel by Marriott, also designed by Karp’s firm.
Nearby, developer Russell Galbut’s Crescent Heights recently acquired more land for the firm’s massive Edgewater project at 2900 Biscayne Boulevard. The firm plans to build 800 residential units and over 600,000 square feet of retail and office space on the overall assemblage.