- Peachtree originated a $103M bridge loan for the Hilton Miami Beach in Miami.
- The project is subject to historic review.
- The hotel is expected to open in May.
PEACHTREE GROUP ORIGINATED a $103 million bridge loan to fund the recapitalization and completion of the 289-key Hilton Miami Beach Convention Center Hotel in Miami. The hotel, two blocks from the ocean, is expected to open in May.
The project redevelops the Collins Park Hotel site, built between 1938 and 1953, which previously consisted of seven buildings designed by Miami architects L. Murray Dixon and Albert Anis, Peachtree said in a statement. The City of Miami Beach Historic Preservation Board has designated the site, making the redevelopment subject to historic review.
“Projects like this require thoughtful structuring given the complexity of historic redevelopment and construction completion,” said Jared Schlosser, Peachtree’s head of originations and CPACE. “That complexity is exactly why sponsors seek lending partners with the experience and balance sheet to structure capital solutions and move projects forward.”
Atlanta-based Peachtree is led by Principal and CEO Greg Friedman, Principal and CFO Jatin Desai and Principal Mitul Patel. The firm has completed 17 transactions totaling $504 million so far this year, including nine hotel financings for $253 million.
Friedman said the activity reflects strong demand for reliable lending partners in 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,” he said. “With many traditional lenders still cautious and loan maturities remaining elevated, experienced sponsors are seeking partners who can move quickly and structure capital around fundamentally strong assets.”
“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,” Schlosser said.
The hotel will serve both group and leisure demand in South Florida’s meetings and tourism market, the statement said.
Separately, Peachtree recently originated a $33 million, three-year bridge loan to refinance the 12-story, 154-key Cambria Hotel Washington D.C. Navy Yard Riverfront for borrower The Donohoe Cos.
