The asset involved in this transaction is a development site located at 3611-3621 Collins Avenue, Miami Beach. The property spans 1.1 acres and is intended for the construction of a 19-story hotel and condominium development, known as Casa Cipriani. The loan amount secured for this project is $105,000,000 and is categorized as a refinance. The development is planned to include 36 hotel rooms alongside 23 condo units.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $105,000,000
• Lender: BH3 Management
• Landlord: Arnaud Karsenti - 13th Floor Homes
• Loan Type: Refinance
• Year of Original Loan: 2023
• Original Lender: Bank OZK

In this transaction, 13th Floor Investments played a crucial role by securing the refinance from BH3 Management. The financing not only replaces but also expands upon the previous loan issued by Bank OZK, supporting the plans for the Casa Cipriani development that is positioned along the oceanfront.