MIAMI-A developer has secured a $13-million construction loan for the 49-unit Angler's Boutique Resort Hotel at 634 Washington Ave. The financing was secured from South Florida-based Mellon United National Bank.

This is the first mortgage loan for the $20-million condominium hotel project, which is being developed by locally based Gregg Covin Real Estate Development. Mellon's Jim Dockerty and Bill Gallagher provided the loan and developers Gregg Covin and Kevin Venger acted as guarantors.

"We are excited to work with Mellon Bank in our mission to restore the Angler's to its historic glory," Covin says. "As Miami Beach continues to thrive as a must-experience vacation destination, we are focused on offering a new alternative for travelers and resort residence owners seeking an authentic, yet contemporary, lodging choice."

The hotel, being designed by J. Wallace Tutt III, will include fully furnished units, a swimming pool and garden lounge. The general contractor on the project is Luis Perez, of Ultimate Contractors. Prices for units range from $350,000 to $1 million.

The project consists of four buildings. Two of them, which contain 29 units, were built in 1930 and are being renovated. There are also two new buildings under construction, one that will contain 17 units and another that will contain three cabana units. The project is expected to be completed in late first quarter 2007, Venger tells GlobeSt.com. "We've pre-sold over 50% of the units, but we're in no rush to sell the remaining units," Venger says.

"We feel that the property will operate well as a hotel and we expect to sell the rest of the units after it opens so we can maximize the sales price."