Jimmy Tate and Tate Capital has locked in a $50 million loan for Bahia Mar in Fort Lauderdale Beach from Florida Community Bank and has boosted its mortgage on the property to $135 million. The project includes a $7 million redesign of the Bahia Mar Fort Lauderdale Beach – a DoubleTree by Hilton, which is a 40-acre, 296-key resort. Bahia Mar was redesigned by Kobi Karp and is expected to be completed in October (2017). Tate Capital is planning to invest close to $500 million in redeveloping the property into a mixed-use project which will also include 7 apartment buildings, dock space, restaurants, a 250-slip marina with docking for 100 mega-yachts, etc. They have also secured that the Fort Lauderdale International Boat Show will remain at Bahia Mar through 2050.
The Real Estate Mogul's Guide to South Florida
