MG Developer has closed a $23 million refinancing loan for the Regency Miami Airport by Sonesta, a five-story, 176-key full-service hotel. The refinancing was secured through Interaudi Bank, a New York-based financial institution with a track record in commercial real estate lending nationwide. Originally built in 1982, the Florida hotel features a pool, bar and fitness center and is regarded as a landmark property in the area.
The transaction provides Coral Gables, Fla.-based MG Developer with additional flexibility to pursue development opportunities on the property’s excess land in step with the region’s continued urban growth and infrastructure expansion.
“Securing support from a New York-based institution such as Interaudi Bank is a clear vote of confidence in our asset management approach as well as our long-term vision for the property,” MG Developer CEO Alirio Torrealba said in a statement. “As Miami’s status for culture, finance, sports and entertainment continues to attract business and leisure travelers from around the world, hospitality will play an important role in offering an elevated experience that adequately reflects the city’s position on the global stage.”
Nearby, completion of Miami Freedom Park—a 131-acre destination for sports, culture, business and nature—is expected to elevate the airport submarket. The hotel—which is near the Miami International Airport—is also within proximity to the future stadium and training complex of Inter Miami CF, which is slated to host its first match on April 4.