NEW YORK—The Carlton Group has closed a transaction in Miami Beach that includes the former Biltmore Terrace Hotel, now a Howard Johnson hotel, and will facilitate Bizzi Development and Terra Capital’s acquisition of the two-acre site located on 200 ft. of ocean frontage.
According to the company, it closed the transaction in less than 30 days, accessing a balance sheet lender and coordinating the equity with a three party development consortium: Bizzi Development, Terra Capital and the Vector Group.
Carlton arranged an approximate $100 million multi-trenched capital stack, which facilitated the acquisition and ultimate renovation of this property. The property consists of the existing 227-key hotel along with two adjacent parcels, which in the aggregate consist of 188,000 sq. ft.
Carlton professionals Michael Campbell and Chase Chehade assisted Howard L. Michaels, chairman, with the capitalization of this project.