JP Morgan Provides $210M Construction Loan For CitizenM Hotel On Lincoln Rd In Miami Beach
FINANCED
$210,000,000
+ 1
Florida
See Similar DealsHotel303,000 SF
Financed 09/15/2022
FINANCED
JP Morgan Provides $210M Construction Loan For CitizenM Hotel On Lincoln Rd In Miami Beach
1212 Lincoln Road, Miami Beach, Florida 33139, United States
See Similar DealsHotel303,000 SF
Financed 09/15/2022
+ 1
Summary
FLORIDA
Asset Type:Hotel
Price Per Square Foot:$693
Total Square Footage:303,000 SF
Transaction Type:Loan
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
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$210,000,000.00
Monthly NOI$1,400,000.00
Monthly Debt Service$1,327,342.85
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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