|Miami, Florida -- October, 2004 - Aztec Group, Inc., Florida's leading
real estate investment and merchant banking firm based in Miami, is pleased
to announce the placement of acquisition bridge financing on the Breakwater/Edison
Hotels on behalf of the Falor Companies.
The historic Breakwater/Edison Hotels, which are adjacent to each other and centrally located at 940-960 Ocean Drive in South Beach, were built during the mid 1930ís.
The hotels will undergo a seven million dollar renovation as part of a conversion to a 110-unit luxury condo-hotel that will be managed by Los Angeles based KOR Hotel Group.
The $21 million bridge loan facilitated the acquisition and the conversion. Falor Companies is also converting other South Florida properties including Cheeca Lodge in Islamorada, Florida and Mayfair House in Coconut Grove, Florida.
Jason Shapiro, Director, and Boaz Ashbel, Managing Director of Hospitality at Aztec, were responsible for the placement of this loan that took approximately 30 days to close.
Founded in 1981, Aztec Group, Inc., is a full service real estate investment and merchant banking firm specializing in facilitating the acquisition, disposition, financing and capital needs of real estate projects for institutional investors, entrepreneurs, developers and offshore clients.
Aztec Group, Inc.
2665 South Bayshore Drive, PH-2A
Miami, Florida 33133
Jason Shapiro Ext. 226
Boaz Ashbel Ext. 211