Carlton Group chairman Howard L. Michaels announced a major closing at 8701 Collins Avenue in Miami Beach.
The transaction includes the former Biltmore Terrace Hotel and will facilitate Bizzi Development and Terra Capital’s acquisition of a prime two acre site which sits directly on 200 feet of ocean frontage.
Working with less than 30 days to close the acquisition from the client’s opportunistic acquisition of the asset and site, Carlton was able to access a balance sheet lender, as well as co-ordinate the equity with a three party development consortium which consists of Bizzi Development, Terra Capital and the Vector Group.
Carlton arranged an approximate $100 million multi-tranched capital stack, which facilitated the acquisition and ultimate renovation of the property.
The property consists of the existing 227-key hotel along with two adjacent parcels, which in the aggregate consist of 188,000 s/f.
Carlton professionals Michael Campbell and Chase Chehade assisted Michaels with the capitalization of the project.
