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| Hyatt South Beach Hotel, Miami Beach, FL |
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| 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.
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| 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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