Harbor Group International is providing $27.5 million to a hotel-to-multifamily conversion project in the Coconut Grove neighborhood of Miami. The borrower is AB Asset Management, which used the funding to acquire and redevelop the property into a Class A multifamily community. The project is expected to be completed in September 2022.
In mid-March, AB Asset Management acquired the Residence Inn Coconut Grove from Hersha Hospitality Trust for $31 million. Avison Young brokered the sale of the three-building, 140-unit hotel.
Over the past few years, Coconut Grove has experienced a surge of new commercial, office and retail developments, which should re-energize the neighborhood's shops, cafes, and restaurants.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
