W South Beach Closes $370mil Construction Loan
Building in the Heart of The Magic City
RFR Holding and Tristar Capital announced the closing of $370 million in construction financing to build the new W South Beach Hotel & Residences in the cultural heart of Miami Beach.
Hypo Real Estate Capital Corporation is providing financing for construction of the 750,000 square foot, 20-story luxury condo-hotel. The financing of the building is the third loan that RFR Holding has received from Hypo Real Estate Capital and is the single-largest project loan in the Company's history.
David Edelstein, owner of Tristar Capital, said, "We are thrilled with the closing of the construction loan. This is a momentous occasion and a we are incredibly excited to be moving forward on time and on schedule with the project."
W South Beach Hotel & Residences is scheduled to open in late 2008, this 419-unit condo hotel will feature magnificent views of the Atlantic ocean from every room and offer unique amenities, such as the luxurious Bliss Spa(R) and celebrity-magnet Mr. Chow's restaurant, making the W South Beach the crown jewel of Miami's cultural renaissance. Along with Yabu Pushelberg, which also designed the W Times Square and 930 Restaurant at the W Los Angeles, New York City based Kondylis & Partners and Florida-based architect John Nichols of Nichols Brosch Wurst Wolfe & Associates were also chosen to work on the W South Beach. The Related Group is developing the project on behalf of RFR Holding and Tristar Capital. Related Cervera is heading up project sales, with preliminary groundbreaking scheduled for Fall 2006.
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