Oko Group, Entry Industries obtains development mortgage for Aman Resort & Residences in Miami Seaside

Oko Group and Access Industries obtained a $277.2 million construction loan for the Aman Hotel & Residences along the ocean in Miami Beach.

Bank OZK assumed the $34.8 million mortgage from 2020 and boosted it to $277.2 million. The borrower on the 1.7-acre site at 3425 Collins Ave. was 3425 Collins LLC and various affiliates linked to Oko Group, led by billionaire Vladislav Doronin, and Access Industries, led by Len Blavatnik.

Located in the Faena District, the site previously had the historic 16-story Versailles Hotel. It will be renovated and rebranded as the Aman Hotel for this project, plus the developer will build a 16-story condo tower.

The hotel tower will feature 56 rooms and 22 condos, while the stand-alone condo will have 41 units. It was designed by Miami-based Revuelta Architecture and Japanese architect Kengo Kuma.

Boston-based Suffolk Construction is the general contractor and already filed notice with the county that it started site work.

There’s been a boom in luxury condo development in Miami Beach as the city attracts a record number of wealthy residents from high-tax states. This will be the first US location for Oko Group’s global luxury brand Aman Hotels.

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