After receiving $44.6 million in funding, a Finvarb Group joint venture could begin building on its mixed-use South Beach project anchored at the Thompson Hotel in Miami, Florida, near Soundscape Park and Frank Gehry’s New World Symphony building.
According to public documents, United States has offered a $22.3 million construction loan to the Finvarb Group entity that owns the empty 0.6-acre redevelopment property at 1685 Washington Avenue. Finvarb Group, led by the founder Ronny Finvarbdevelops the mixed project in collaboration with Chahine Investment Groupa Luxembourg family office specializing in office buildings and luxury hotels.
According to a press release, Chahine, led by Agathe Chahinealso financed the South Beach mixed-use project anchored in the Thompson Hotel in Miami with a $22.3 million mezzanine loan.
South Beach mixed-use project anchored at the Thompson Hotel in the Mimi development
The development of the project has been ongoing for a few years now. According to public documents, subsidiary Finvarb paid $19.2 million for the South Beach mixed-use project site anchored at the Thompson Hotel in 2017.
In 2018, the Miami Beach Historic Preservation Council approved the eight-story skyscraper with a 150-room Thompson Hotel by Hyatt. Designed by French architect Rudy Ricciotti, the South Beach mixed-use project anchored at the Thompson Hotel in Miami includes a 116-space parking lot, ground-level retail spaces, rooftop restaurant, pool and sundeck with Soundscape views Park.
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The developer demolished a bank and parking lot on the lot in 2019, and the City of Miami Beach granted construction notice beginning in November.
About Finvarb Group
The Finvarb Group, which was founded more than 40 years ago in the Bay Harbor Islands, has a portfolio of 13 hotels and restaurants, primarily in Miami Beach but also in other parts of Florida, according to the website. ‘company. Its properties include the Courtyard by Marriott South Beach and the Kimpton Hotel Palomar South Beach.
Finvarb also owns real estate in Arizona and Texas. Finvarb Group bought $10 million for The Landon Bay Harbor-Miami Beach, a 46-key hotel in the company’s hometown of Bay Harbor Islands, last year.