A Finvarb Group joint venture can rev up construction on its Thompson Hotel-anchored mixed-use project in South Beach after obtaining $44.6 million in financing.
Banesco USA provided a $22.3 million construction loan to the Finvarb Group affiliate that owns the vacant redevelopment site at 1685 Washington Avenue, records show. The 0.6-acre property is adjacent to Soundscape Park and the New World Symphony building designed by Frank Gehry.
Developer is planning a mixed-use building with 150-room hotel on Washington Avenue
Finvarb Group, led by principal Ronny Finvarb, is partnering with Chahine Invhttps://southbeachtopchefs.com/miami-hotel-room-rates-up-56-since-2019/estment Group, a Luxembourg-based family office specializing in office buildings and luxury hotels, to develop the mixed-use project. Chahine, managed by Agathe Chahine, also provided the project with a $22.3 million mezzanine loan, according to a press release.
The proposed development has been in the works for several years. In 2018, the Miami Beach Historic Preservation Board granted final approval for an eight-story building with a 150-room Thompson Hotel by Hyatt.
By Francisco Alvarado for www.therealdeal.com
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