Wednesday, February 26, 2014

Thomas D. Wood and Company Secures $73.1 Million for Miami Beach Hotel Developers


Hyatt South Beach Hotel, Miami Beach, FL

Thomas D. Wood Jr.
Miami, FL –Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured $73,100,000 in construction financing for three Miami Beach, Florida, hotel developments.

 The Robert Finvarb Companies, an established hotel developer, requested nearly $29 million in construction financing for the Hyatt South Beach, the first Hyatt hotel on South Beach. 

Company President Thomas D. Wood, Jr., arranged the construction/mini-perm loan through the Company's relationship with a national bank. 

The 105-room hotel will replace the Tropical Gardens apartment building at 1600 Collins Avenue, part of South Beach's Art Deco district. 

The Miami Beach Historic Preservation Board approved the demolition of the rear section of the Tropical Gardens building, while the front of the building is expected to remain intact. The hotel is scheduled to open in early 2015.

Wood secured an additional $32,100,000 construction loan for the Robert Finvarb Companies to develop the AC Hotel South Beach. 

Patrick Harrington
 Patrick Harrington, Vice President, secured a $12,000,000 bridge loan for the complete renovation of the Claremont Hotel on South Beach through Thomas D. Wood and Company’s relationship with a local bank. 

The bridge loan has a term of seven years, two years of which are interest-only, based on an interest rate of Prime + 1.25% and a 20-year amortization thereafter.  

The loan-to-value is 63% of as-complete valuation, and loan-to-cost is 68%.

  Built in 1947, the 69-room hotel is subject to a ground lease with 31 years remaining, but is currently undergoing a full renovation, upon which it will be converted to a Hampton Inn.  

The Claremont Hotel is located at 1700 Collins Avenue, Miami Beach, Florida.




   For a complete copy of the company’s news release, please contact:      

Jessica Kinnee            
Director of Marketing & PR
Thomas D. Wood & Co.                                    
 (407) 374-0251                   
        

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