The developer of the mixed-use Thesis Miami property in Coral Gables landed $177 million in refinancing from Barry Sternlicht’s Starwood Property Trust and New York-based Ramsfield Hospitality Finance.
Thesis and property owner Nolan Reynolds International secured $135 million for the multifamily and retail portion at 1340 South Dixie Highway from Starwood and $42 million for the hotel component at 1350 South Dixie Highway, according to NRI and their debt broker Faisal Ashraf of Lotus Capital Partners.
The two buildings, across from the University of Miami, comprise nearly 900,000 square feet, with retail space in each, while the residential building rises six stories and the hotel 10 stories, according to TLC Engineering Solutions’ website.
Brent Reynolds, CEO and managing partner of NRI, said the company has had a longtime relationship with Starwood and Lotus from previous deals, and was introduced to Ramsfield through Lotus.
The $42 million for the hotel will go toward upgrades for the 245-key Curio Collection by Hilton, he said. That’s over $171,000 per door. And the $135 million refinances the construction loan of the multifamily building with just over 200 units. That’s about $650,000 per unit.
Completed in 2020 as Paseo de la Riviera, Reynolds previously told The Real Deal the project’s total cost was more than $225 million including the acquisition of the land.
The residential building includes studios to three-bedroom apartments that range from over 500 square feet to more than 1,500 square feet, according to Apartments.com. Monthly rent is between $3,800 to $9,400, according to the website.
Monthly rents in the Coral Gables/South Miami submarket averaged over $3,000 in the second quarter, according to Colliers.
NRI also completed the LifeTime-branded, mixed-use Gables Station with 54 Madison Partners in 2021 and sold it to Hines the next year for $430 million.
That 14-story complex has 495 apartments, an 80,000-square-foot athletic club, 25,000 square feet of coworking space and a Trader Joe’s.
South Dixie Highway features several mixed-use projects, including Grove Central, developed by Terra and Grass River Property, and Link at Douglas, developed by 13th Floor Investments and Adler Group. 13th Floor partnered with Barings to build the most recent apartment tower.
Some other recent major hotel and multifamily refinances in South Florida include Blackstone’s East Miami and W Fort Lauderdale hotels for $205 million and $115 million, respectively, and Clara Homes’ $101.5 million refinancing for the first two phases of a luxury multifamily development in Bay Harbour Islands.
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Developer completes $225M Paseo de la Riviera mixed-use project
Hines pays $430M for mixed-use Gables Station
Paseo de la Riviera wins Coral Gables approval
