Ronny Finvarb has nabbed a $27.56 million construction loan for his new Kimpton hotel on Alton Road in Miami Beach, The Real Deal has learned.
Finvarb, principal of the Finvarb Group, told TRD that TotalBank is the lead lender, with participating lenders Floridian Community Bank and Apollo Bank. The financing has not yet cleared records.
Site work has already begun on the future hotel at 1750 Alton Road, which will be called the Kimpton Hotel Palomar South Beach when it opens in the fourth quarter of 2018, Finvarb said. The property was the former site of a Boston Market, which was demolished last year.
Owned and developed by the Finvarb Group and designed by Kobi Karp with Permuy Architecture as the architect of record, the hotel will span five stories and 96 rooms surrounding a central atrium. It will also feature a rooftop pool and a new signature restaurant overlooking Collins Canal, said Finvarb, adding that he is “in discussions with some top restaurant groups.”
The new South Beach property is next to the Marriott Residence Inn South Beach, which Finvarb Group developed and which opened in March of last year.
Miami-Dade records show Sobe Alton LLC, led by Ronny Finvarb and his father Richard Finvarb, bought the Boston Market site for $4.5 million in March 2014.
The property is close to the planned 17 West, a mixed-use building at 1698 Alton Road and 1681-1683 West Avenue, which is being developed by Rock Soffer of Turnberry Associates, Elion Partners and members of the Sredni family. In addition to an 11,500-square-foot Trader Joe’s, the five-story building will also have loft-style apartments, townhomes, residential amenities, and a parking garage with about 160 spaces set aside for the public.
The Finvarb Group, whose principals are Ronny and Richard Finvarb, was founded nearly 40 years ago. The company has developed real estate projects including hotels, high-rise condominiums, multifamily apartment buildings, single-family developments, office buildings and retail, according to the group’s website.
The group’s recent hotel projects, in addition to the Marriott Residence Inn South Beach, include the Marriott Courtyard Palm Beach Jupiter, the Marriott Residence Inn Downtown Tempe and the Marriott Courtyard San Antonio Riverwalk. The firm also owns the Marriott Courtyard South Beach on Washington Avenue.