$280M Loan Finances Condo-Hotel Project

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MIAMI-Developers have secured a $280-million construction loan for Epic Residences and Hotel, a 55-story condominium and hotel project at 300 Biscayne Way. Construction began in July on the project, which is a joint venture between affiliates of Ugo Columbo, Lionstone Development and Ponte Gadea Group.

The loan, which was provided by Banco Santander Central Hispano SA and Mellon United National Bank, closed Nov. 10. Locally based Bilzin Sumberg attorneys Jim Shindell, Suzanne Amaducci, Robert Siegel and Lori Schumacher represented the developers in the negotiation and structuring of the loan. Israel Alfonso, of Baker & McKenzie LLP, represented Ponte Gadea. A White & Case LLP team led by John Murphy represented the lenders.

“This project had several suitors. The lender was chosen because of the close relationship it has with Ponte Gadea,” Shindell tells GlobeSt.com.

The architect on the project is Luis Revuelta, of Revuelta Vega Leon. The project will contain both condominiums and hotel rooms. The hotel will occupy 15 of the floors and contain 414 rooms. It will be managed by San Francisco-based Kimpton Hotels & Restaurants.

There will also be 342 one-, two- and three-bedroom condominiums ranging in size from 1,040 sf to 7,840 sf. The units are priced from the $500,000s. The project will contain a rooftop upper penthouse with entertainment rooms and a private terrace atop the tower. “There wasn’t any difficulty obtaining the loan,” Shindell says. “There was a presales requirement for the construction loan but it was lighter than other condominium projects due to the hotel component.”

Among building amenities are a 12,000-sf spa and fitness center, restaurants and lounges overlooking the Miami River and Biscayne Bay, a private boat dock, business center and two pools. Residents of the condominiums will be able to purchase amenities on an a la carte basis.