BOCA RATON - Jan. 5, 2018 - A team of Greenberg Traurig attorneys across several offices, led by Boca Raton Shareholder Bruce Rosetto, assisted VOS Hospitality and the B Group Capital led by James Vosotas and Branden Muhl in obtaining $36.8 million in financing on Dec. 22, 2017 from Moinian Capital to redevelop the Greystone South Beach and its adjacent Santa Barbara Hotel property into The Greystone Hotel Miami.
Additional financing for the $60 million reconstruction of the iconic 1930’s era Art Deco property comes from a combination of banks involved in the Historic Tax Credit Program. Construction has already begun on the properties located at 1920 Collins Ave and 230 20th Street, Miami Beach – both of which have been vacant for several years.
The Greystone Hotel Miami, which is located about two blocks away from the Miami Beach Convention Center and across the street from the beach, will be managed by VOS Hospitality (owned by James Vosotas and Daniel Vosotas). The Greystone Hotel will include 92 completely new guest rooms; a 135-seat restaurant/lounge; 45-seat outdoor café; a rooftop pool and entertainment area; and a basement speakeasy.
“It was a privilege to facilitate funding for a project that further elevates historic South Beach and exemplifies the attractiveness of the Miami area in general to investors,” said Rosetto, who is a member of the firm’s Corporate Practice. “The transaction, which took five months to close, was actually quite complex involving historic tax credits, a senior lender, mezzanine financing, and other stakeholders.”
The Greenberg Traurig legal team on the project included Boca Raton Shareholder Marcia H. Langley and Associate Bracha Pollack. They were assisted in the loan financing portion of the transaction by New York office Shareholder Joseph D. Farrell and Associates James Devlin and Joseph Sultan. Delaware office Associate Ari B. Lustig also was a member of the team.
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