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Historic Art Deco Hotel Gets Big Makeover Loan

MIAMI—“We believe our renovation of the iconic Park Central Hotel will not only promote the glory of its heyday, but will also bring back a sense of tropical class and elegance to the area.”

By Jennifer LeClaire | Updated on March 16, 2015

MIAMI—The historic Park Central Hotel just secured $40 million in construction financing. Park Central Partners, an entity of Optimum Asset Management, will use the money to redevelop the 1939 Art Deco hotel in Miami Beach.

HFF arranged a three-year, floating-rate, senior real estate construction loan through BB&T Real Estate Funding for Park Central. 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.

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