Pharrell’s Miami Beach hotel David Grutman gets big loan
Let the good times roll. David Grutman and Pharrell Williams’ Goodtime Hotel has received a refinancing of $ 164 million.
Washington Squared Owner LLC, a subsidiary of Imperial Companies, secured the loan from CIM Group and JP Morgan Chase for the property at 601 Washington Avenue in Miami Beach, according to records and Eric Birnbaum, director of Imperial Companies. The New York-based company partnered with Williams and Grutman to open the 266-key hotel earlier this year.
The $ 200 million hotel features 100,000 square feet of public space, 45,000 square feet of ground floor retail, the 30,000 square foot Strawberry Moon restaurant and pool deck. It opened in April. The retail space will showcase a combination of food and beverage, wellness and fashion concepts, Birnbaum said.
A Walker & Dunlop team led by Aaron Appel and Keith Kurland organized the fundraising.
Goodtime Hotel attorney Michael Larkin appeared before the Miami Beach Planning Board this week over the conditional use permit for the property. Prior to a planning board meeting in July, the hotel had received nearly 30 noise violations. Council voted on Wednesday to postpone the vote until November on a motion to revoke the permit or change its conditions. The hotel did not receive any additional violations between the end of July and this week’s meeting.
The development of the mixed-use hotel had been underway for more than five years. The project was partially funded by a $ 45 million loan from OZK Bank in early 2018. Washington Squared Owner LLC paid $ 36 million for the Washington Avenue block in 2015.
Grutman, who also owns Swan in the Miami Design District with Williams, is the founder of Groot Hospitality. Groot owns the LIV nightclub at Fontainebleau Miami Beach; Story; Komodo and other food and drink concepts. Last year, Grutman sold a controlling stake in Groot Hospitality to Live Nation Entertainment for an undisclosed amount.
He recently opened Winker’s Diner, Sushi Fly Chicken and Toothfairy in the old Firestone Garage on Alton Road in Miami Beach.
Imperial Companies, which Birnbaum co-founded with former Vornado Realty Trust chairman and CEO Michael D. Fascitelli, has invested $ 1 billion in commercial real estate since 2014, including the Washington Avenue property, according to its site Internet.