Banesco USA Announces $22,300,000 Construction Loan to Finance a Mixed-Use Project in Miami Beach
CORAL GABLES, Fla., May 26, 2022 /PRNewswire/ -- Banesco USA announces a construction loan in the amount of $22,300,000 for development of a mixed-use project which includes a boutique luxury hotel, restaurant and retail spaces. The building, located at 1685 Washington Avenue in South Beach, boasts unusual and inspiring architecture adding to the appeal of the area while serving various important purposes for tourism, retail business, and more. The project is just steps from the popular shopping and nightlife destination, Lincoln Road, and a couple of blocks from the sands of Miami Beach.
The partners in this venture are the Finvarb Group, a real estate development and investment company led by Ronny Finvarb and Richard Finvarb, renowned for developing quality mixed-use hotels in premium urban locations throughout the United States, and Chahine Investment Corp, a family office subsidiary managed by Agathe Chahine who also provided a mezzanine loan in the amount of $22,300,000. The Family office focuses its investments on office buildings, luxury hotels, private equity, and financial markets.
The mixed-use project consists of a 150-room full-service Thompson Hotel by Hyatt, parking garage with 116 spaces, and various retail spaces on the ground floor. The unique architecture was designed by French architect Rudy Ricciotti, and consists of undulating balconies that curve and protrude sporadically for an appealing art-inspired façade. A rooftop restaurant, swimming pool, and deck area complete the dreamy project which looks out to Soundscape Park and the New World Symphony building designed by Frank Gehry.
The subject site sits catty corner to the Fillmore Miami Beach at Jackie Gleason Theater and the expanded 1.2 million square foot Miami Beach Convention Center.
"We feel honored to contribute and be part of a project that is sure to draw much attention and intrigue thanks to the captivating style of this new South Miami Beach building," says Calixto (Cali) Garcia-Velez, President & CEO of Banesco USA. "The project will enhance tourism offerings while adding something completely new to an already impressive cityscape."
For more information, visit BanescoUSA.com.
About Banesco USA
Founded in 2006 and based in Coral Gables, Banesco USA is an independent Florida state-chartered bank (https://banescousa.com/OFR-Cert-of-Good-Standing.pdf ) with $2.4 billion in assets as of March 31, 2022. The bank has four branches in South Florida: Coral Gables, Hialeah, Aventura, and Brickell; and one in San Juan, Puerto Rico. A location in the Doral area is coming soon. Visit BanescoUSA.com for additional information.
About Chahine Investment
Jacques Chahine was the founder of Chahine Finance, collecting global earnings estimates from analysts sold to US based FactSet. He is also the founder of one of the top performing European Fund with multiple Lipper awards. The group focuses on investments on office buildings, luxury hotels with the historic Palacio Ludovice in Lisbon just opened, private equity, and financial markets. For more information, please visit www.jajinvestmentgroup.com
About Finvarb Group
The Finvarb Group is a real estate development and investment company specializing in developing quality mixed-use hotels in premium urban locations and in emerging and underserved markets. Based in Miami, Florida, the Finvarb Group was founded over 40 years ago and has developed a diverse array of real estate projects including hotels, high-rise condominiums, multifamily apartment buildings, single-family developments, office, retail and restaurants. The principals of Finvarb Group are Richard Finvarb and Ronny Finvarb. For more information, please visit www.Finvarb.com and follow us @FinvarbGroup on Instagram.
Media Contacts
Jessica Wade Pfeffer | 305-804-8424 | [email protected]
Tyler Sminkey | 786-390-8510 | [email protected]
SOURCE Banesco
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