Peachtree Group has originated a $103 million bridge loan to support the recapitalization and completion of the 289-key Hilton Miami Beach Convention Center Hotel, a landmark redevelopment project located adjacent to the Miami Beach Convention Center.
The Hilton Miami Beach Convention Center Hotel redevelops the historic Collins Park Hotel site, originally constructed between 1938 and 1953 and previously comprising seven buildings designed by Miami architects L. Murray Dixon and Albert Anis. The site is designated by the City of Miami Beach Historic Preservation Board, making the redevelopment both architecturally significant and complex.
“Projects like this require thoughtful structuring given the complexity of historic redevelopment and construction completion,” said Jared Schlosser, head, originations and CPACE, Peachtree. “That complexity is exactly why sponsors seek lending partners with the experience and balance sheet to structure capital solutions and help move projects forward.”
Greg Friedman, managing principal/CEO, Peachtree, said, “Our continued level of activity reflects the strong demand we are seeing for reliable lending partners across commercial real estate. Last year was a record year for our credit and lending team, and we expect even greater activity ahead as market conditions continue to evolve. With many traditional lenders still cautious and loan maturities remaining elevated across the market, experienced sponsors are seeking partners who can move quickly and structure capital around fundamentally strong assets.”
Schlosser added, “That is especially true in construction and transitional projects, where complexity and execution risk require lenders with deep underwriting expertise and the ability to navigate more complicated capital structures.”
The hotel is expected to open in May and will sit two blocks from the ocean, positioning it to capture both group and leisure demand in one of South Florida’s most active meetings and tourism markets.
So far this year, the firm has completed 17 transactions totaling $504 million in originations, including nine hotel financings representing $253 million.
