Ronny Finvarb scores $19M loan for Miami Beach mixed-use project
Summary
Ronny Finvarb can get to work on a mixed-use project in Miami Beach after nabbing a $19 million construction loan.Coral Gables-based Amerant Bank provided the financing to an affiliate of Finvarb Group, Finvarbs Bay Harbor Islands-based firm that owns a 0.2-acre development site at 1790 Alton Road, records show.Finvarb Group is planning a five-story building designed by Miami-based Studio Mc+G that will feature two restaurants on the first two floors. The upper floors will consist of 12 condos, ranging between 724 square feet to 1,185 square feet, and a rooftop pool.In 2021, Finvarb Group paid $4 million for the property, which is near Miami Beachs Sunset Harbour neighborhood and adjacent to the Kimpton Hotel Palomar South Beach at 1750 Alton Road. Finvarb also developed that 96-room hotel.Finvarb Group previously planned a hotel with 36 rooms on the site of the mixed-use project, but changed course after the city of Miami Beach placed tighter restrictions on hotel development in Sunset Harbour.The firm also owns three other Miami Beach hotels, including a nearly completed Thompson-branded, 147-key building at 1685 Washington Avenue scheduled to open this summer.Last year, Finvarb Group sold the Courtyard Palm Beach Jupiter, a four-story, 128-room hotel in Palm Beach County, for $20.9 million to an entity managed by relatives of the Marriott hotel chains founder J. Willard Marriott.In other recent Miami Beach project financings, a long-planned convention center hotel nabbed a $392 million construction loan from Adi Chughs Tyko Capital. David Martins Terra and Jackie Soffers Turnberry are developing the Grand Hyatt project adjacent to the Miami Beach Convention Center. In October, Terra and Turnberry also secured a $75 million grant from Miami-Dade County.