Aman Miami Beach Development Receives $242.4 Million Construction Loan
Bank OZK has approved a $242.4 million construction loan for the oceanfront Aman Miami Beach development. Doronin's OKO Group and Blavatnik's Access Industries are collaborating on the two-building luxury hotel and condo project at 3425 Collins Avenue.
Bank OZK's latest round of financing supplements a $34.8 million loan it provided the developers in May 2020.
Doronin is the owner of Aman, a luxury hotel chain that is branding the project. Aman Miami Beach will include the restoration and renovation of the site's 16-story historic Versailles tower, as well as the construction of a new 18-story ground-up condo building. The plan is for a 56-room hotel and 22 luxury condos.
The developer wants to make changes to the lobby of the Versailles, which was designed by Roy France and completed in 1941. The amendments will be voted on by the Miami Beach Historic Preservation Board next week.
The development of the surrounding Faena District, which includes Faena House, Faena Forum, and Faena Hotel, was supported by Blavatnik.
Dustin Stolly and Jordan Roeschlaub of Newmark arranged the loan for the Aman project, which is expected to be completed in 2024. The condo component has been fully pre-sold.
