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 Aztec Arranges $20 million for Condo-Hotel Redevelopment Financing
for the Breakwater and Edison Condo/Hotels in the Historic
Art Deco District of South Beach

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Miami, Florida -- October 5, 2005 - Aztec Group, Inc., Florida's leading real estate investment and merchant banking firm based in Miami, is pleased to announce the placement of a $20,000,000 redevelopment loan for the conversion of the Breakwater and Edison Hotels in South Beach, Florida to a condo-hotel.

Once complete, the Breakwater / Edison Condo-Hotel will total 95-units including a penthouse addition to the Breakwater building, and a completely renovated common pool / sundeck. The buildings are adjacent to each other at the intersection of 10th Street and Ocean Drive in world-renowned South Beach. 

Jason Shapiro and Boaz Ashbel, Managing Directors of Aztec Group, Inc., represented the borrower in the placement of this loan.  An immediate complete gut renovation of the historic structures, both of 1930s vintage, will take place.  Both senior lender and borrower worked through numerous complex issues pertaining to the historic preservation approval process. 

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. 

Contact:

Jason Shapiro
Managing Director
(305) 854-5000 Ext. 226
jshapiro@aztecgroup.com

Boaz Ashbel
 Managing Director 
(305) 854-5000 Ext 211
bashbel@aztecgroup.com

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Also See: Aztec Group, Inc., Arranges $28 million in Sale and Financing of the Doubletree Resort Orlando Villas at Maingate in Kissimmee, Florida / August 2005
Aztec Arranges the Historic Sale of World-Famous Fontainebleau Hotel, A Miami Beach Landmark / June 2005
Aztec Group Places $21 million Bridge Loan on the Breakwater/Edison Hotels on Miami Beach / October 2004


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