BB&T backs revamp of historic Miami Beach hotel

BB&T Real Estate Funding has provided a $40m loan to Optimum Asset Management for the redevelopment of the historic Park Central Hotel in Miami Beach, Florida. The three-year, floating-rate, senior real estate construction loan will be used to convert three existing Art Deco buildings – the 1939 Art Deco Park Central Hotel, the Imperial Hotel and Heathcoat Apartments – and a .15-acre development site and turn them into a new 135-room hotel under the Park Central Hotel name.