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.