Chetrit Lands $103M Loan To Complete Delayed Miami Beach Hotel: The South Florida Deal Sheet
Beleaguered New York developer The Chetrit Group has landed a new financing package to complete its redevelopment of the site of Collins Park Hotel in Miami Beach — originally built between 1938 and 1953 — into the Hilton Miami Beach Convention Center Hotel.
Atlanta-based Peachtree Group provided $103M to a joint venture of Chetrit Group, The Jesta Group and The Lotus Group to recapitalize and complete construction of the 289-key hotel, according to a release.
The redevelopment of the Collins Park Hotel site is now slated to open at 2000 Park Ave. in May this year. Iron Hound Management's Tal Saveriego negotiated the recapitalization, according to Commercial Observer, which first reported the deal.
The hotel is a four-minute walk from the Miami Beach Convention Center, which recently added a 60K SF ballroom and 127K SF of meeting space in a $640M renovation project.
The hotel project has been beset by delays and cost increases since Chetrit first started construction in 2015 with a $55M loan. The firm then secured a $62M construction loan from Maxim Capital in 2021 and an $82M loan from Kawa Capital in 2022, The Real Deal reported.
Chetrit welcomed Lotus onto the project when it refinanced its loan with an $88M loan from Kawa Capital in 2024, TRD reported. General contracting firm The Rinaldi Group lists it as a $58M project on its website. It was supposed to open by 2024 with 294 rooms, Florida YIMBY reported in 2023.
Chetrit, led by brothers Joseph and Meyer Chetrit, has run into debt troubles on a handful of its properties. Most recently, it lost a Miami Beach hotel in a foreclosure auction last week following a $96M judgment, Bisnow first reported.
FINANCING
PEBB Enterprises landed a $35M loan from Citibank to refinance two offices in Boca Raton, according to a release.
The loan covers the 89K SF Boca Corporate Plaza at 7900 Glades Road, a six-story building with a recently upgraded lobby and common area, and the 77K SF 5900 Broken Sound Parkway. That three-story office building within the 700-acre Park at Broken Sound is fully leased to Infinity Sales Group.
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The Centurion Foundation landed a $97M construction loan from U.S. Bank for a 114K SF medical office building in Deerfield Beach, the South Florida Business Journal reported.
The 114K SF project at 101 E. Sample Road is on the Broward Health hospital campus, which Centurion is developing through a lease agreement.
The medical office building is planned to include 75 exam rooms, with the ability to expand to 123 exam rooms in the future. Planned facilities include cardiovascular services, neuroscience and orthopedics.
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Westside Capital Group landed a $24M loan from Crestline Investors to recapitalize the 2000 Ponce office building in Coral Gables, according to a release.
The five-year term loan replaces the $20M loan that Amerant Bank issued in 2024. A JLL team of Jesse Wright, Matt McCormack, Joshua Odessky and Patrick Salata arranged the financing.
The eight-story, 109K SF office building at 2000 Ponce de Leon Blvd. is 100% leased.
CONSTRUCTION AND DEVELOPMENT
The first Florida location of the Parisian Fouquet's hotel brand is coming to Miami’s Design District, according to a release.
Miami Design District Associates — a joint venture between Dacra, L Catterton Real Estate and Brookfield Properties — and Raycliff Capital, Fort Partners and Constellation Hotels Holding are leading the 12-story project.
The Fouquet’s hotel will adjoin the 25-story Miami Design Residences Designed by Chipperfield at 39 NE 39th St., a 143-condo tower designed by Pritzker Prize-winner David Chipperfield.
The hotel, the first in the Design District, will have 85 rooms and offer five food and beverage concepts.
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Adam Neumann’s Flow and Merrimac Ventures finished construction on Flow House, a 41-story condo project in Downtown Miami, according to a release.
The project features 466 furnished condos ranging from studios to two-bedroom units that are between 300 SF and 1,050 SF. Prices start at $480K.
More than 350 condos sold in 16 months with buyers from more than 23 countries, according to the release. Flow House offers a spa, a yoga and pilates studio, meditation rooms, podcast studios and 36K SF of ground-floor retail and dining.
SALES
An entity tracing to Royal Income Properties, led by Nilo Meilan, sold a 74-unit apartment complex to an affiliate of Jorge Acevedo for $21M, according to property records provided by Vizzda.
Acevedo, who leads Acevedo Investments Corp., landed a $10M loan from City National Bank of Florida to acquire the Regency Club Apartments at 1350 W. 46th St. in Hialeah. The three-story, 77K SF apartment building was built in 1972.
Coldwell Banker Commercial Realty’s Alex Lizama represented the seller in the transaction, according to a release.
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Affiliates of Griffis Residential purchased a 263-unit apartment building in West Palm Beach from Castle Lanterra for $78.5M, according to property records provided by Vizzda.
Griffis Residential landed a $56M loan from Northmarq Capital to acquire the Griffis North Olive.
The eight-story, 279K SF building at 805 N. Olive Ave., previously known as Loftin Place, was built in 2015. The price is nearly 25% higher than the $63M it traded for in 2017, the South Florida Business Journal reported.
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Venture One Real Estate sold three warehouses in Boynton Beach for $43M, according to property records provided by Vizzda.
An entity tied to DRA Advisors purchased the 197K SF industrial park with a $35M loan from Bank of America. The loan is part of a multistate mortgage with a principal balance of $240M.
The buildings at 1200, 1210 and 1220 SW 35th Ave. were built between 2000 and 2019. Suites range from 9K SF to 44K SF. Venture purchased the warehouses for $36M in 2024, The Real Deal reported at the time.
