Lionstone, Flag Luxury and Ben-Josef land $61M loan for Ritz-Carlton South Beach
Lionstone Group, Flag Luxury Group and Ben-Josef Group scored a $61.2 million predevelopment loan for their planned Ritz-Carlton Residences, South Beach project, The Real Deal has learned. BHI, the U.S. branch of Israel’s Bank Hapoalim, is providing the financing, according to a press release. The developers received approval for the project at 1671 Collins Avenue in 2023. The plans include the construction of a new 15-story, 30-unit condominium and the redevelopment of the 101-key Sagamore Hotel into a 55-room Ritz-branded hotel. The design team includes Kobi Karp Architecture & Interior Design, Studio Munge and landscape firm Naturalficial. Units will span […]This article originally appeared on The Real Deal. Click here to read the full story.
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