JP Morgan Provides $210M Construction Loan For CitizenM Hotel On Lincoln Rd In Miami Beach
1212 Lincoln Road, Miami Beach, Florida 33139, United States
$210,000,000
$693/SF
Building Size
303,000 SF
Asset Type
Hotel
Closing
Sep 14, 2022
About this deal
AI
The property involved in this closed transaction is a hotel located at 1212 Lincoln Rd in Miami Beach. The hotel spans a total area of 303,000 square feet. The transaction took place on 09/15/2022.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $210,000,000
- Address: 1212 Lincoln Rd
- Market: Miami Beach
The lender for this transaction was JP Morgan, represented by Jamie Dimon. The landlord of the property is citizenM, represented by Klaas van Lookeren Campagne. The brokerage team involved in the deal consisted of Jordan Roeschlaub, Dustin Stolly, and Nick Scribani from Newmark.
The loan amount for this transaction was $210,000,000, and it was classified as a construction loan.
Players
Miami Beach Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93