Edition Miami Beach site and Ian Schrager
A company tied to hotel developer Robert Finvarb has obtained a $32.1 million leasehold mortgage for the future Edition Miami Beach, The Real Deal has learned.
Finvarb’s 2912 Collins Avenue LLC received the financing from Sabadell United Bank on Monday, according to Miami-Dade County records. The three-property site of the former Seville Beach Hotel is owned by Seville Acquisition, a company tied to Courtyard Management Corp. of Bethesda, Md.
Developer Ian Schrager is partnering with Marriott on the Edition hotel brand. Edition Miami Beach is the first United States version of the brand. It is expected to open this spring.
Schrager is also developing the 26-unit Residences at the Miami Beach Edition on the site. The pending $34 million sale of a combined-unit penthouse at the project was announced last year.
Bay Harbor Islands-based Finvarb has developed 11 hotels totaling about 2,000 rooms operating under numerous Marriott brands in six states and the District of Columbia. His company is also developing the 10-story Hyatt South Beach at 1600 Collins Avenue. It received $29 million in construction financing from BB&T for that project. — Eric Kalis
via The Real Deal Miami http://ift.tt/1bBt0S0
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