Developer Michael Shvo has secured a $190 million refinance loan for a luxury hotel and condo project in Miami Beach. The project, located at 1751, 1757, and 1775 Collins Avenue, involves the redevelopment of three hotels into a luxury hotel with 60 keys and a condo building with 42 units. The property spans an impressive 3 acres and is set in the vibrant market of Miami Beach.

Summary of transaction details

• Property Type: Development Site
• Loan Amount: $190,000,000
• Loan Type: Refinance
• Lender: BH3 Debt Opportunity Fund II
• Landlord: Michael Shvo, Deutsche Finance, Group of German Institutional

This significant transaction sees Michael Shvo partnering with Deutsche Finance and German pension funds to secure the loan for the project. Together, they aim to transform the existing hotels into a luxury hotel managed by Rosewood Hotels & Resorts. The development will offer 60 keys in the hotel portion and feature a condo building with 42 units, catering to the discerning clientele of Miami Beach.