HFZ Capital Group, a Manhattan-based real estate investment and development company, in conjunction with an affiliate of Fortress Investment Group, purchased The Shore Club South Beach for about $175 million at the end of 2013. This week, Carlton Group chairman Howard Michaels secured $185 million in refinancing to allow HFZ to reinvent the property. The lender was Banco Inbursa, a Mexico-based bank run by Carlos Slim, according to a GlobeSt.com report.
"Carlton ran a competitive process on behalf HFZ Capital, ultimately selecting a major international lender who provided a highly beneficial finance structure, which enabled HFZ to receive a generous level of proceeds on highly beneficial terms," Mr. Michaels said in a statement.
"We have an extraordinary, once-in-a-lifetime opportunity to re-imagine and reposition a world-class property in a market that has seen continued demand for luxury properties," said Mr. Feldman. "The development of oceanfront real estate on South Beach has been fueled by an expanding market for business and tourism, accessibility to international airports and year-round warm weather," he noted.
"With ongoing demand from domestic and international buyers for prime South Beach properties and with Miami Beach's increasing global significance as a tourist destination, we expect the luxury residential and hospitality markets to continue their dynamic growth," added Nir Meir, Principal & Managing Director of HFZ.
The luxury boutique resort property prominently located at 1901 Collins Avenue in Miami Beach, Florida is currently a 309-key luxury hotel including a tower addition designed by world-renowned, British architect David Chipperfield. The Carlton-managed refinancing provides the funding required to reposition the property, revamping it into 85 deluxe residential condos and 100 luxury hotel rooms. When complete, the hotel will offer 85 luxury condo residences and 100 hotel rooms. HFZ hired Douglas Elliman to market the residences last year, according to a report from The Real Deal.
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