Ritz-Carlton Owners Secure $4.9M Loan From State Of Florida For Miami Beach Redevelopment | 1671 Collins Avenue | MultiFamily | Loan

Summary

Loan

FLORIDA

MultiFamily

Located at 1671 Collins Avenue in Miami Beach, this multifamily property was involved in a recent transaction. The property, owned by Peter Kanavos, Diego Lowenstein, and Ben-Josef, secured a loan amount of $4,900,000 from the State of Florida. The loan is intended to fund the redevelopment project of Miami Beach's iconic Lincoln Road, spearheaded by the owners of Ritz-Carlton, South Beach.

Summary of transaction details:

Property Type: Multifamily
Transaction Amount: $4,900,000
Address: 1671 Collins Avenue
Market: Miami Beach

The key individuals involved in this deal include Peter Kanavos, Diego Lowenstein, and Ben-Josef as the landlords. The project, financed by the State of Florida, aims to enhance Lincoln Road with features such as lane expansion, landscaping, and murals. Despite some opposition to a proposed 15-story condo building, the final development agreement is expected to be presented to the Miami Beach Commission in early summer 2024.

Details

Deal Summary

FINANCED

IMAGE: Diego Lowenstein, Peter Kanavos & Ben-Josef DATE: 03/19/2024 ADDRESS: 1671 Collins Avenue MARKET: Miami Beach ASSET TYPE: Multifamily LENDER: State of Florida LANDLORD: Peter Kanavos, Diego Lowenstein & Ben-Josef LOAN AMOUNT: $4,900,000 NOTE: Miami Beach's iconic Lincoln Road is receiving a facelift, funded by the owners of Ritz-Carlton, South Beach with $4.9 million from the State of Florida. The project, part of the hotel's redevelopment, includes lane expansion, landscaping, and murals, despite objections to a planned 15-story condo building; the final development agreement is set to be presented to the Miami Beach Commission in early summer 2024.

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Address1671 Collins Avenue

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