Natixis Real Estate Capital has provided a $48.5 million loan to Chetrit Group and JDS Development Group on a 6.2-acre river-front development in Miami, Florida.
The lender floating-rate loan gives the joint venture the time to finalize the planning of phase one of a four-phase development of a 56-story building, according to a statement from Natixis.
The building will contain a 207-room hotel, 334 condominium units, and 42,100 sq ft of retail space. The parcel is located at 401 SW 3rd Avenue on the Miami River waterfront and is currently The River Yacht Club restaurant.
Natixis has been an active lender on hotels and mixed-use properties in gateway US cities this year. This month the lender provided a $132 million CMBS refinance on Rentar Plaza in the Middle Village neighborhood of Queens, New York; and in April provided a $65 million financing on the Marriott Monterey Hotel in Monterey, California, and teamed up with Oaktree Real Estate Finance to provide $335 million in financing for acquisition of a majority stake in seven Manhattan hotel properties.
The financing was arranged by Ironhound of New York.