Billionaires Vlad Doronin and Len Blavatnik secured a $242.4 million construction loan from Bank OZK for the oceanfront Aman Miami Beach development, bringing the total financing to more than $277 million.
Affiliates of Doronin’s OKO Group and Blavatnik’s Access Industries are partnering on the two-building luxury hotel and condo project, under construction at 3425 Collins Avenue.
Bank OZK’s latest round of financing adds to a $34.8 million loan it provided the developers in May 2020, records show. The Little Rock, Ark.-based lender has been active in Florida. It recently provided a $252 million loan to developer John Catsimatidis for a condo tower in St. Petersburg.
Newmark arranged the loan for the Aman project, according to a statement from the developer. It’s expected to be completed in 2024.
Doronin owns Aman, a luxury hotel group that will brand the project. The Aman development will include the restoration and renovation of the 16-story historic Versailles tower on the site, as well as a new 16-story ground-up building. The project calls for a 56-key hotel and 23 luxury condos.
The condo component is fully presold, according to sources.
The developer is seeking changes to the design of the lobby at the Versailles, which was designed by Roy France and completed in 1941. The Miami Beach Historic Preservation Board is set to vote on the amendments Tuesday.
Blavatnik backed the development of the surrounding Faena District, which includes Faena House, Faena Forum and Faena Hotel.
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A handful of developers plan other luxury and condo projects along Collins Avenue in Miami Beach, in some cases on sites that have sat dormant for years.
Monroe Capital and Witkoff plan to redevelop the historic Shore Club property at 1901 Collins Avenue into an Auberge-branded hotel and condo development. The developers tapped Elliman to lead sales and marketing of the project. The Shore Club has been closed since the pandemic began.
Developer Michael Shvo and his partners are also moving forward with their Rosewood-branded Raleigh Hotel development at 1751, 1757 and 1775 Collins Avenue. The Raleigh has been a shell of a building for years, including when it was owned by a group that included fashion designer Tommy Hilfiger.
And a group led by New York-based Eldridge Industries’ Todd Boehly is planning a revamp of the Delano Hotel at 1685 Collins Avenue.