Hunton Andrews Kurth LLP Represents Aria Development Group in $76 Million Construction Loan for Development of YotelPad Miami

NEW YORK – Hunton Andrews Kurth LLP advised Aria Development Group and its joint venture partner AQARAT in their $76 million construction loan from Bank OZK for the development of YotelPad Miami, a hotel and condominium project in Downtown Miami.

The loan closed March 29, and the project is expected to open in late 2021. The mixed-use development, YotelPad’s first location on the east coast, will feature approximately 231 residential units and 222 hotel rooms. It is the first development to sell more than 50 percent of the project in six months, a milestone not yet reached by another sales team in the U.S.

New York partner Laurie Grasso led the Hunton Andrews Kurth team, which also included partners Rori Malech and Jonathan Kurry and associates Michal Baum and Carolyn Ruiz.

Hunton Andrews Kurth’s real estate group advises clients on matters involving the full spectrum of commercial, industrial, retail, multifamily, hospitality and mixed-use properties. With more than 85 real estate development and finance lawyers, the group closed deals in 34 states and handled over 125 transactions totaling over $11 billion last year. Working across practices to service clients in the real estate industry, the team has advised on more than 200 REITs and handled more than 150 REIT IPOs and 144A equity transactions. The group was named among the top 20 leading real estate law firms in 2017 by Commercial Property Executive and Multi-Housing News and among Dealogic’s top 10 advisors for handling nearly $20 billion in real estate M&A deals in 2016. The firm’s lawyers are consistently recognized by publications such as Chambers & Partners USA and Legal 500 as leaders in the fields of real estate, real estate finance and construction law.