Finvarb Group Secures $14M Loan for 2 Deerfield Beach Properties
The Finvarb Group secured a $14.2 million loan for the $20 million purchase of two properties in Deerfield Beach, Fla.
The real estate investment firm, led by Ronny Finvarb, purchased a 51,662-square-foot office and retail building situated between 233 and 249 Northeast 21st Avenue for $9.3 million in late June, according to property records. The property was built in 1987, per records.
Across the street, at 300 Northeast 21st Avenue, the company also bought the 9,777-square-foot JB’s on the Beach restaurant and its 41,679-square-foot parking lot back in March for $11 million, all in cash, according to property records and Apollo Bank, which provided the loan. The property was built in 2002, per records.
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. Finvarb did not immediately respond to comment.
Based in Bal Harbour Island, the Finvarb Group is a real estate investment company specialized in developing hotels. Its portfolio includes Marriott hotels across South Florida and Italian eatery Osteria Morini in South Beach, Fla.
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