 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 1930�s 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. |