Commercial
South Florida
Conrad Fort Lauderdale Beach developer on the hook for nearly $3M after losing lawsuit
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Heafey’s Conrad Fort Lauderdale scores $80M refi
Ocean Bank provided financing to oceanfront condo-hotel
A photo illustration of Heafey Group’s Pierre Heafey along with the Conrad Fort Lauderdale at 551 North Fort Lauderdale Beach Boulevard in Fort Lauderdale (Getty, Heafey Group, Google Maps)
Heafey Group secured an $80 million refinancing of its loan backing the Conrad Fort Lauderdale Beach condo-hotel, amid a high interest rate environment that’s made it difficult to refinance and secure new debt.
Ocean Bank provided the loan to FLB Hotel and FLB Restaurant, two entities managed by the Canadian real estate firm, records show. The 24-story development at 515 North Fort Lauderdale Beach Boulevard includes 290 suites, condos and condo-hotel units, a spa, gym, pool and restaurants. It opened in December 2017.
Ocean Bank EVP Eddie Diaz said in a press release that the loan “defrays the costs of renovations” and consolidates previous debt. Vitolo restaurant recently opened at the property following a renovation of that space. The condo-hotel also includes the Japanese restaurant Takato, which opened in 2021, according to the release.
Ocean Bank’s T. George Harduvel and Lourdes Quiñones arranged the loan for the bank.
City National provided a $62.9 million refinancing of previous debt backing the Fort Lauderdale Beach property in 2019.
Quebec and Miami-based Heafey Group, led by Pierre Heafey, bought the condo-hotel for $100 million in 2017.
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The project had been tied up in litigation and opened after years of delays. It was originally planned in the early 2000s as the Trump International Hotel & Tower.
In South Florida, Heafey also owns the Hilton Bentley Miami/South Beach Hotel, the Greek restaurant Santorini by Georgios on Ocean Drive in Miami Beach, and the Miami Woman’s Club property at 1737 North Bayshore Drive in Miami. The woman’s club property is leased to the restaurants Klaw and Casadonna.