MIAMI BEACH-Sam Nazarian's SBE Entertainment and CIM Group have secured $51.2 million in construction loan to complete revamping the old Ritz Plaza Hotel, a 140-room hotel in Miami Beach, and reopen it by April 2012 under Nazarian's SLS hotel brand. SBE and partner CIM received the construction loan from a pension fund advised by Lowe Enterprises Investors.
The three-year loan term comes with two one-year options and it was arranged by Lowe Enterprises. For the full story, go to Wall Street Journal .
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