Robert Khodadadian – Commercial Observer

HB Capital Group has sealed a $42 million Commercial Property Assessed Clean Energy loan for the renovation of a hotel in Miami-Dade County to mark the largest C-PACE transaction in Florida to date, Commercial Observer has learned.

North Bridge supplied the loan on HB Capital’s Newport Beachside Hotel & Resort in Sunny Isles Beach, Fla. The financing will be used to implement upgrades to the 1968-built property, including energy efficiency and resiliency improvements.

“This deal is a great example of how C-PACE financing can help property owners create value,” Laura Rapaport, founder and CEO of North Bridge, said in a statement. “HB Capital Group accessed and secured low-cost, fixed-rate financing for a major hotel renovation and repositioning.” 

Located at 16701 Collins Avenue, the hotel was built as the first skyscraper in Sunny Isles Beach, a barrier island in northeast Miami-Dade County. Renovations planned for the property include new designs for public areas, guest rooms, the pool deck and outdoor spaces. New food and beverage outlets designed by Miami-based EoA Group will also open as part of the hotel’s revitalization project, which is scheduled for completion in December 2023. 

The hotel has been a part of our family and the community for over four decades, and we look forward to what the future holds for this historic property,” Edward Hurowitz, chief investment officer of HB Capital Group, said in a statement. “For the Newport, C-PACE is an accretive financing structure that aligns with our long-term vision.”

Andrew Coen can be reached at acoen@commercialobserver.com 

 

HB Capital Group has sealed a $42 million Commercial Property Assessed Clean Energy loan for the renovation of a hotel in Miami-Dade County to mark the largest C-PACE transaction in Florida to date, Commercial Observer has learned. North Bridge supplied the loan on HB Capital’s Newport Beachside Hotel & Resort in Sunny Isles Beach, Fla.Read MoreChannel, Finance, Edward Hurowitz, HB Capital Group, laura rapaport, north bridge  Commercial Observer Read More 

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, Commercial Observer, Retail For Lease, Commercial Observer,

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