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The financing is in addition to OZK Bank’s 2020 loan totaling $277 million
Billionaires Vlad Doronin and Len Blavatnik have secured a $242.4 million construction loan from Bank OZK for their oceanfront Aman Miami Beach development, bringing total financing to more than $277 million.
Affiliates of Doronin’s OKO Group and Blavatnik’s Access Industries are teaming up for the two-building luxury hotel and apartment project under construction at 3425 Collins Ave.
Bank OZK’s latest round of financing adds to a $34.8 million loan it provided to developers in May 2020, according to filings. The Little Rock, Ark.-based lender. operates in Florida. It recently provided a $252 million loan to developer John Catsimatidis for a condo tower in St. Petersburg.
Newmark arranged the loan for the Aman project, according to a statement from the developer. It is expected to be completed in 2024.
Doronin owns Aman, a luxury hotel group that will brand the project. The Aman development will include the restoration and renovation of the historic 16-storey Versailles tower on the site, as well as a new 18-storey ground-floor apartment building. The project calls for a 56-key hotel and 22 luxury apartments.
The condo component is fully presold, according to sources.
The developer is seeking design changes to the lobby at Versailles, which was designed by Roy France and completed in 1941. The Miami Beach Historic Preservation Board is set to vote on the changes Tuesday.
Blavatnik supported the development of the surrounding Faena area, which includes Faena House, Faena Forum and Faena Hotel.
A handful of developers are planning other luxury and apartment projects along Collins Avenue in Miami Beach, in some cases on sites that have sat idle for years.
Monroe Capital and Witkoff plan to redevelop the historic Shore Club property at 1901 Collins Avenue into an Auberge-branded hotel and apartment building. The developers tapped Elliman to lead the project’s sales and marketing. The Shore Club has been closed since the start of the pandemic.
Developer Michael Shvo and his partners are also moving forward with the Rosewood-branded Raleigh Hotel development at 1751, 1757 and 1775 Collins Avenue. The Raleigh was a shell of a building for years, including ownership by a group that included fashion designer Tommy Hilfiger.
And a team led by Todd Boehly of New York-based Eldridge Industries is planning a renovation of the Delano Hotel at 1685 Collins Ave.
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