Societe Generale and Cantor Commercial Real Estate (CCRE) have provided a $210 million refinancing on the Ritz-Carlton South Beach hotel in Miami, Florida.
The two lenders provided the funding to Lionstone Group of Miami and Flag Luxury Properties of New York, joint owners and developers of the oceanfront hotel, according to a prepared statement. Greenberg Traurig and Eastdil Secured arranged the deal.
The hotel’s assessed value in 2015 was $121 million, Miami-Dade records show. The joint owners completed a $200 million restoration of the hotel in December 2003 and reopened that New Year’s Eve, changing its name from the DiLido to Ritz-Carlton South Beach, according to the Lionstone press release at the time. The family of Lionstone CEO Alfredo Lowenstein purchased the DiLido in 1971.
Societe Generale is one of the largest European financial services groups with a net banking income last year of €25.34 billion. CCRE is a commercial real estate finance company that originates fixed- and floating-rate mortgages and mezzanine loans in most major US markets.
Lionstone Group owns, develops, leases, and manages hospitality and residential properties throughout South Florida. Flag Luxury develops hospitality, retail, and residential projects and currently has over $1 billion of new projects in its pipeline in New York City, Miami and San Francisco.