MIAMI-Sabadell United Bank is providing a $32.1 million leasehold mortgage to an affiliate of Robert Finvarb Cos. for its hotel project in Miami Beach.
The Finvarb affiliate is the developer of the AC Hotel by Marriott. The leasehold financing provided by the Miami-based bank is necessary since Finvarb's 2912 Collins Avenue LLC leases the property from Miami-based Seville Acquisition, which acquired the property for $57.5 million in 2010, according to the South Florida Business Journal.
The developer is building a 150-room hotel with more than 4,000 square feet of retail space. Next door to the property, Marriott is building a 294-room hotel as part of its Edition brand. See story in the South Florida Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
