Lionstone Group Flag Luxury Group And Ben-Josef Group Secure $61.2M Loan For Ritz-Carlton Residences Miami Beach

The asset involved in this transaction is a development site located at 1671 Collins Avenue in Miami Beach. The project is set to feature a 15-story condo tower with 30 units and will include the conversion of the 101-key Sagamore Hotel into a 55-room Ritz-Carlton. Residential properties within this development are expected to be priced between $4.3 million and $69 million, with a predevelopment loan amounting to $61.2 million secured for its realization.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $61,200,000
• Lender: Adrian Rahimi - Bank Hapoalim (BHI)
• Landlord: Diego Lowenstein - Lionstone; Paul Kanavos - Flag Luxury Group; Ron Ben-Josef - Ben-Josef Group
• Projected Completion: 2027

This transaction marks a collaboration between Lionstone Group, Flag Luxury Group, and Ben-Josef Group, which together are involved in the development of the Ritz-Carlton Residences, South Beach. The coordination and efforts among these parties illustrate a prominent move within the Miami Beach property market, indicating their commitment to enhancing the residential offerings in the area.