New York-Based Shvo Obtains Construction Loan for Miami Beach Hotel to Add Condo Tower to Development

New York-based Shvo recently secured a $190 million construction loan for The Raleigh Hotel in Miami Beach to add a condo development.

Currently, the site includes The Raleigh, the Richmond Hotel, and the South Seas Hotel. The three hotels were put together by the developers for $242.85 million in 2019. At the time, the property was secured by a $146.9 million loan from Acore Capital Management.

The developers might be able to remove equity from the project and move the work along if they take out a loan for a higher sum. According to the developer, the hotel contributed over $1 billion to the project, including over $300 million in stock.

The hotel is closed while work is being done on the premises. The Raleigh will have 60 suites under Rosewood Hotels & Resorts' management when it reopens in 2026. The developer is also constructing a high-end restaurant with a private member's club and a 17-story condo with 42 flats that bears the Rosewood brand.

The 1940s saw the development of the Raleigh. The curving pool, the Martini Bar, and the Tiger Room are just a few of the hotel's distinctive characteristics that will be preserved by Shvo.

To design the project, Shvo hired New York-based architect Peter Marino and Miami-based Kobi Karp Architecture.

Former Raleigh project investor Bilgili Group, based in Turkey, has pulled out of the project.