Miami Beach developer Robert Finvarb closed on a $46-million loan to build a Residence Inn by Marriott in Sunny Isles Beach.
The loan was issued by Florida Community Bank to a corporate entity managed by Finvarb and Barry Shelomovitz. The financing will allow the developers to demolish the former Wings Beachwear site to build a 19-story Marriott-branded hotel. The property will be designed by Kobi Karp, and will have 194 rooms.
Shelomovitz, Finvarb's partner, owned the site for 22 years. He paid $700,000 for the building in 1992, and two years ago he transferred ownership of the property to the corporate entity owned by Finvarb and him. Now, with city approvals and a new loan, the pair are prepared to move dirt on the project.