HFF secured $40 million in construction financing for the redevelopment of the historic Park Central Hotel, a 1939 Art Deco hotel in Miami Beach, Fla.
HFF worked on behalf of the borrower, Park Central Partners, an entity of Optimum Asset Management, to secure the three-year, floating-rate, senior real estate construction loan through BB&T Real Estate Funding. The loan will be used to take three existing Art Deco buildings – the Park Central Hotel, the Imperial Hotel and Heathcoat Apartments – and a .15-acre development site and turn them into the new Park Central Hotel.
The new 135-key Park Central Hotel will be a luxury boutique hotel that will retain the historic aesthetic of the original hotel. The completed project will have three new restaurants totaling 8,100 square feet, a rooftop glass bottom pool, ground-floor pool with ocean views from the deck, 24 suites, 1,380 square feet of meeting space and unobstructed views of the Atlantic Ocean. The hotel, which will be completed in early 2017, will be located at 620-650 Ocean Drive. The property is directly across from Lummus Park and one block from the fashion district along Collins Avenue.
The HFF team was led by managing director Jim Dockerty, associate director Scott Wadler, and analyst Marc Roth.
In the year ending 2014, HFF’s Hotel Group closed more than $3.5 billion in hotel transactions across all capital markets involving more than 100 hotels and resorts.
Optimum Asset Management (Optimum) is a global, multi-billion dollar equity firm with offices in London, Luxembourg, Berlin and Miami led by Alberto Matta, Rodolfo Misitano and Tabet. In the past two years, Optimum has successfully acquired a number of strategically located properties in the Miami area.