Bank OZK lends $28M for Holiday Inn project in Edgewater

Heafey Group planned to co-develop the site as a condo-hotel, but that project was canceled

Miami /
Oct.October 22, 2019 05:30 PM
Rendering of the Edgewater Holiday Inn pool

Rendering of the Edgewater Holiday Inn pool

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.


Related Articles

arrow_forward_ios
Aimco's Wes Powell with Edgewater (Aimco) Miami, High Rise
Aimco plans 60-story apartment tower on waterfront site in Miami’s Edgewater
Aimco plans 60-story apartment tower on waterfront site in Miami’s Edgewater
A rendering of the planned project with the Two Roads principals Reid Boren and Taylor Collins (Two Roads Dev)
Two Roads closes on $150M bulk condo purchase in Edgewater, plans three towers
Two Roads closes on $150M bulk condo purchase in Edgewater, plans three towers
Moderno Development managing partner Doron Broman and a rendering of Rivr Lofts (Cube 3, Moderno Development)
Moderno nabs $102M construction loan for Fort Lauderdale apartment tower
Moderno nabs $102M construction loan for Fort Lauderdale apartment tower
Joseph Chetrit and a rendering of 2629 North Riverside Drive (Getty)
Chetrit scores $94M construction loan for oceanfront condo project in Pompano
Chetrit scores $94M construction loan for oceanfront condo project in Pompano
Dacar Management's Alberto Micha-Buzali with Residences and Shoppes (LinkedIn, Dacar Management)
Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah
From left: Kyle Asher, managing director, Monroe Capital and Lotus Capital managing partner Faisal Ashraf along with a rendering of Panther National in Palm Beach County (Panther National, LinkedIn/Kyle Asher, LinkedIn/Faisal Ashraf, iStock)
Centaur scores $170M financing package for residential golf community at Avenir
Centaur scores $170M financing package for residential golf community at Avenir
PR Group Florida's Christophe Petit and Julien Ridon and Octavio Maza with 423 Northeast 27th Street (Vendôme Capital, Porosoff Group, Google Mpas, iStock)
Vive la Miami: French developer acquires Edgewater site for $15M for first U.S. project
Vive la Miami: French developer acquires Edgewater site for $15M for first U.S. project
From left: a rendering of the project at 201 Clearwater Drive in West Palm Beach, Starwood Capital CEO Barry Sternlicht, Hyperion Group CEO Rob Vecsler and Winter Properties co-CEO David Winter (Getty, Hyperion, Winter Properties)
Starwood, Hyperion and Winter Properties score $96M construction loan for West Palm mixed-use project
Starwood, Hyperion and Winter Properties score $96M construction loan for West Palm mixed-use project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...