Roughly 300-key hotel now has about $90M in financing
New York-based Imperial Companies has secured $45 million in construction financing for a hotel in South Beach.
Records show Washington Squared Owner LLC closed on the loan from Bank of the Ozarks, bringing the company’s total financing for the property to nearly $90 million.
Imperial’s Michael Fascitelli and Eric Birnbaum are building the roughly 300-key hotel at 601 to 685 Washington Avenue. Fascitelli was CEO of Vornado Realty Trust until his resignation in 2013 and is a member of Vornado’s board of trustees. Birnbaum also worked at Vornado, spending about six years at the company in the acquisitions and capital markets group as well as the in-house development team.
As proposed, the seven-story building would include ground-floor retail and a third-floor amenity deck with a pool, private cabanas, club bar, outdoor and indoor cafe, and a concierge desk. The Z-shaped hotel is being designed by Morris Adjmi Architects and Nichols Brosch Wurst Wolfe & Associates (NBWW) with interiors by Ken Fulk. Imperial will self-brand the property, Birnbaum said. It will be completed in about two years.
Read the full story HERE >>>> Source: The Real Deal Ex-Vornado CEO Fascitelli and partner score loan for South Beach hotel