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80-Unit Condo-Hotel Taking Root in South Beach

MIAMI-South Beach Resort Development LLC has received a $6.3 million mezzanine loan, arranged by LJ Melody & Co., for the development of the five-star project, called The Regent South Beach.

By Melissa Bogdany | Updated on October 16, 2003

MIAMI-South Beach Resort Development LLC obtained a $6.3 million mezzanine loan from a Wall Street investment bank to move long an 80-unit, five-star beachfront condominium-hotel called The Regent South Beach. Located at 1458 Ocean Dr. in the city’s South Beach district, The Regent South Beach will be a full-service condominium-hotel residence under the Regent flag.

Kevin M. O’Grady, director, and Daniel R. Sheehan, vice president, of LJ Melody & Co.’s South Florida office secured the mezzanine capital for South Beach Resort Development. Financing terms included a $6.3 million tranche of capital that filled the gap between the construction lender and the developer’s equity. It provided a two-year term at a negotiated interest rate to be repaid through the project’s unit sales.

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