By: Ismael Rodriguez

Finvarb Group acquired a $27.6 million construction loan to build a five-story, 96-room hotel on Alton Road in Miami Beach.

Ronny Finvarb, principal of Finvarb Group, partnered with TotalBank, Floridian Community Bank and Apollo Bank to build the Kimpton Hotel Palomar South Beach, which will sit at 1750 Alton Road, where the Boston Market was demolished last year.

The building, which will feature a central atrium, rooftop pool and a new signature restaurant overlooking Collins Canal, according to what Finvarb told the press, will be designed by Kobi Karp with Permuy Architecture, and open in late 2018.

The property is also just one of many projects Finvarb has developed in the past few years.

Other recent projects by Finvarb Group include the Marriott Residence Inn South Beach, which opened last year and stands next to the future Kimpton Hotel, the Marriott Courtyard Palm Beach Jupiter, the Marriott Residence Inn Downtown Tempe and the Marriott Courtyard San Antonio Riverwalk.