HFF arranges $40 million financing for Miami Beach’s famed Park Central Hotel on Ocean Drive

Park Central Hotel, 620--650 Ocean Drive, South End, Miami Beach, FL

Jim Dockerty

MIAMI, FL – HFF announced today that it has secured $40 million in construction financing for the redevelopment of the historic Park Central Hotel, a 1939 Art Deco hotel in Miami Beach, Florida.

HFF worked on behalf of the borrower, Park Central Partners LLC, an entity of Optimum Asset Management, to secure the three-year, floating-rate, senior real estate construction loan through BB&T Real Estate Funding. 

The loan will be used to take three existing Art Deco buildings – the Park Central Hotel, the Imperial Hotel and Heathcoat Apartments – and a .15-acre development site and turn them into the new Park Central Hotel.

                The new 135-key Park Central Hotel will be a luxury boutique hotel that will retain the historic charm of the original hotel. 

The completed project will feature three new restaurants totaling 8,100 square feet, a rooftop glass bottom pool, ground-floor pool with ocean views from the deck, 24 suites, 1,380 square feet of meeting space and unobstructed views of the Atlantic Ocean.

Scott Wadler

 The hotel, which will be completed in early 2017, will be located at 620-650 Ocean Drive.  

The property is directly across from Lummus Park and one block from the fashion district along Collins Avenue.

The HFF team was led by managing director Jim Dockerty, associate director Scott Wadler, and analyst Marc Roth.

“When completed, the Park Central Hotel will re-establish Ocean Drive as a luxury boutique hotel and fine-dining destination,” Dockerty said.

“We are excited to be one of the major leading players in the ‘renaissance’ Ocean Drive is currently experiencing,” added Ricardo Tabet, CEO of Optimum Asset Management.  “We believe our renovation of the iconic Park Central Hotel will not only promote the glory of its heyday, but will also bring back a sense of tropical class and elegance to the area.”

Marc Roth

In the year ending 2014, HFF’s Hotel Group closed more than $3.5 billion in hotel transactions across all capital markets involving more than 100 hotels and resorts.

Optimum Asset Management (Optimum) is a global, multi-billion dollar equity firm with offices in London, Luxembourg, Berlin and Miami led by Alberto Matta, Rodolfo Misitano and Tabet.

 In the past two years, Optimum has successfully acquired a number of strategically located properties in the Miami area.     

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com