Shaya Boymelgreen scores $30M construction loan for Surfside hotel

Developer family previously planned townhouses on non-waterfront site

Miami /
Mar.March 29, 2022 10:30 AM
Eyal Peretz and Shaya Boymelgreen with 9300 Collins Avenue (Fusegroup, Getty, Google Maps)

Eyal Peretz and Shaya Boymelgreen with 9300 Collins Avenue (Fusegroup, Getty, Google Maps)

Jeshayahu “Shaya” Boymelgreen scored a $30 million construction loan for a hotel in Surfside, on a site the developer previously planned for a townhouse complex.

Boymelgreen plans to build a three-story, 200-key hotel at 9300 Collins Avenue, according to Eyal Peretz, CEO of the lender, Fort Lauderdale-based Fuse Group. The hotel will have three rooftop pools, according to a 2019 Surfside commission agenda item.

Attorney Michael Gallinar of Miami-based Adams Gallinar represented Fuse Group in the deal.

Boymelgreen previously planned to build a luxury residential complex with 68 townhouses, and scored a $23.5 million loan for that project in 2018.

The 2.9-acre non-waterfront site is on the west side of Collins Avenue, across from the Fendi Château Residences condominium. The property remains vacant, except for a two-story, historically designated facade remaining from an apartment building that was previously on the site.

Boymelgreen used several limited liability companies to put together the assemblage in 2013 and 2015 for a combined $26.5 million. The entity that owns the development site, Eden Surfside LLC, is managed by Menachem Boymelgreen, state corporate records show.

Shaya Boymelgreen did not return a request for comment.

Boymelgreen has been prolific in New York City real estate, partnering with diamond billionaire Lev Leviev in 2002 on numerous projects, although the partnership was later dissolved.

Boymelgreen ran into legal trouble amid the Great Recession, including civil lawsuits filed against him. The New York Attorney General imposed a two-year ban on Boymelgreen in the offer and sale of securities, including condos.

The Israeli-born developer and his family also have had real estate interests in Miami-Dade County. An entity controlled by his wife, Sarah, and others had planned to build a residential project along Miami Beach’s Pine Tree Drive, but sold the site for $31 million in 2017.

Surfside is Miami Beach’s low-key neighbor to the north, yet still an enclave of high-end real estate.  The site is about five blocks from the tragic June collapse of the oceanfront Champlain Towers South, which killed 98 people.

Alex Sapir’s Sapir Corp. and Giovanni Fasciano developed the 12-story, 16-unit Arte Surfside oceanfront condo building at 8955 Collins Avenue in 2020.

In 2017, Fort Partners completed the Four Seasons Residences at the Surf Club with a 72-key oceanfront hotel and 150 condos.





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