MIAMI-New York-based RFR Holding and Tristar Capital have closed on a $370-million construction loan for the 20-story, 750,000-sf W South Beach Hotel & Residences at 2201 Collins Ave.
Hypo Real Estate Capital Corp. is providing the financing. The loan is the third that RFR Holding has received from Hypo and is the single-largest project loan in the company's history. "This is a momentous occasion and we are incredibly excited to be moving forward on time and on schedule with the project," says Tristar Capital owner David Edelstein.
W South Beach is a 419-unit condo hotel under development by the New York-based Related Group on behalf of RFR Holding and Tristar Capital at 22nd Street and Collins Avenue in the Collins Park neighborhood. New York-based Kondylis & Partners and Florida-based John Nichols, of Nichols Brosch Wurst Wolfe & Associates, are the architects on the project. The project, being designed by Yabu Pushelberg, will contain furnished one- and two-bedroom units, beach bungalows and penthouses ranging in size from 564 to 1,287 sf. Prices for the units range from $800,000 to $5 million. The project is expected to open in late 2008.
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