Developer Of Midtown Miami Hotel Gets Financing To Buy Out JV Partner
A stalled hotel project in midtown Miami might be poised to move ahead after some shuffling of financing.
This week, LV Lending — a Miami-based private lender, and an affiliate of Linkvest Capital and Linkpoint Properties, focusing on mortgage loans — announced that it arranged a $15M senior loan for Aventura Hotel Properties to help refinance a previous $9.7M loan and buy out its partner, JQ Group of Companies.
In 2014, Aventura, which is managed by HES Group, purchased the property at 3601 North Miami Ave. for $12.25M. City officials approved plans for a 252-room hotel, called Triptych, to be operated as part of Hilton Worldwide’s Curio Collection, plus office and retail space.
In 2016, JQ Group paid about $10M to buy a piece of the site and a stake in the project, The Real Deal reported. In 2017, HES Group borrowed $9.5M from a Panama-based lender, 21 Brands S.A., and was seeking $120M in construction financing, including EB-5 funds.
Financing for the new loan was facilitated by Camilo Niño and Ricardo Uribe, principals of LV Lending, on behalf of the lender.
When finished, the 20-story Triptych Hotel will total 400K SF and have 297 rooms, plus a seventh-floor sky lobby with restaurant/bar/pool deck.