CLIENT NEWS: Thompson Hotel breaks ground on South Beach with $22M loan
May 27, 2022After riding out the Covid-19 pandemic, Finvarb Group has broken ground on the Thompson Hotel in South Beach thanks to a $22.3 million construction loan.
Coral Gables-based Banesco USA provided the mortgage to SoBe Center LLC, managed by Ronald J. Finvarb of Bay Harbor Islands-based Finvarb Group. Chahine Investment Corp., a family office managed by Agathe Chahine, is also a partner in the project. It covers the 30,000-square-foot site at 1685 Washington Ave., directly across from Soundscape Park and the New World Center, and just south of the Miami Beach Convention Center.
“We feel honored to contribute and be part of a project that is sure to draw much attention and intrigue thanks to the captivating style of this new South Miami Beach building,” said Calixto “Cali” Garcia-Velez, President & CEO of Banesco USA.
The developer filed notice with the county that it started work on the hotel, with 150 rooms in eight stories. It will include a restaurant, a bar and a rooftop pool. Miami-based Ortega Construction Co. is the general contractor.
The developer acquired the property from Citibank for $19.2 million and demolished the branch there. Little hotel development took place in the initial year of the Covid-19 pandemic, but now tourism has rebounded strongly and room rates in Miami Beach are near record levels.
