MIAMI-Two Collins Avenue hotels, both dating back to the 1940s, are headed for conversion into luxury residential condos. West Palm Beach-based Ceebraid-Signal Corp. obtained loans aggregating $40 million from New York City-based Carlton Advisory Services to begin both projects.
Carlton's Brendan Sullivan and Charles Kerecz arranged and closed a $15-million bridge loan in connection with Ceebraid-Signal's acquisition of the Sovereign Hotel at 4385 Collins Ave. in Miami Beach. It is a seven-story building with 105 rooms.
Sullivan tells GlobeSt.com that an affiliate of Ceebraid-Signal plans "to immediately reposition and expand the existing site in order to provide 95 residential condos containing about 65,000 sf." The Art Deco hotel is located just south of the Fontainebleau Hotel and the new Fontainebleau hotel/condominium tower.
In a second transaction, Sullivan and Kerecz arranged a $25-million construction loan for an affiliate of Ceebraid to convert a property it already owns, the Traymore Hotel at 2445 Collins Ave. into for-sale residential condos. The Traymore is currently operated as a 90-room hotel. Plans call for its conversion into a 15-unit condo building.
According to Carlton's chairman, Howard L. Michaels, the borrower "has a proven track record of successfully developing multifamily projects in complex urban markets." Ceebraid has been in business for more than 40 years and owns and/or manages 15,000 multifamily units in Florida, Connecticut and New York.
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