Bahia Mar mortgage boosted to $135M by Florida Community Bank
Redevelopment plans for Bahia Mar in Fort Lauderdale total nearly 2 million square feet.
The hotel owner is completing renovations and has a pending redevelopment plan.
Florida Community Bank boosted the mortgage of the Bahia Mar resort and marina in Fort Lauderdale to $135 million as the property undergoes renovations.
The property is the home of the annual Fort Lauderdale International Boat Show.
Rahn Bahia Mar LLC, an affiliate of Miami-based Tate Capital, had its mortgage increased by $50 million to reach $135 million by the Weston-based bank (NYSE: FCB), which assumed the loan from another bank.
Attorney Thomas Angelo of Angelo & Banta represented the borrowers in the deal. The hotel is on a 38.65-acre site at 801 Seabreeze Blvd that is leased from the city.
The 296-room hotel is currently undergoing a renovation designed by Adache Group Architects. Jimmy Tate, the head of Tate Capital, said the $7.5 million in renovations will include new interiors, furniture and art for the rooms, redesigned hallways, and new floors. He said it’s a very nautical look.
“It really looks like a brand new hotel,” Tate said.
Tate’s company has a pending application with the city to redevelop Bahia Mar. It calls for 651 residential units in seven towers of up to 11 stories tall, 18,815 square feet of retail/commercial space, 26,123 square feet of restaurants, a 6,000-square-foot fishing village, multiple pools, a modernized marina, and pedestrian paths that would allow the public to walk around the waterway and marina. He would also replace the existing hotel new a new 256-room hotel.
Tate noted that the plan falls within the property’s current development rights.
Brian Bandell
Senior Reporter
South Florida Business Journal