The Finvarb Group obtained a $14.2 million loan for the $20 million acquisition of two properties in Deerfield Beach, Florida.
The real estate investment firm, led by Ronny Finvarb, purchased a 51,662 Sq Ft. office and retail building settled between 233 and 249 Northeast 21st Avenue for $9.3 million, the estate was built in 1987.
Across the street at 300 Northeast 21st Avenue, the firm also acquired the 9,777 Sq Ft JB’s on the Beach restaurant and its 41,679 Sq Ft. parking lot back in March for $11 million, all in cash, according to property records and Bank Apollo, which provided the loan. Both buildings are located by the Atlantic Ocean.
The group plans to develop hotels on a portion of the mixed-use property, according to Apollo.
Based in Bal Harbour Island, the Finvarb Group is a real estate investment company practiced in developing hotels. Its portfolio includes Marriot Hotels across South Florida and Italian eatery Morini in South Beach, Florida.