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Chetrit Group Secures $88M Refinancing Loan From Kawa Capital For Collins Park Hotel In Miami Beach

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FINANCED
$88,000,000

Florida

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Hotel
Financed 12/10/2024
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FINANCED

Chetrit Group Secures $88M Refinancing Loan From Kawa Capital For Collins Park Hotel In Miami Beach

2000 Park Avenue

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Hotel
Financed 12/10/2024
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Hotel
Transaction Type:Loan

The property asset involved is the Collins Park Hotel, a four-star establishment located at 2000 Park Avenue in Miami Beach. The hotel features 280 rooms and is currently undergoing construction, with an expected average nightly rate of $350 upon opening in six months.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $88,000,000
  • Lender: Daniel Ades - Kawa Capital
  • Landlord: Joseph Chetrit - Chetrit Group; Lotus International
  • Loan Type: Refinance

The transaction involves Chetrit Group securing a loan from Kawa Capital to complete the hotel project, which has been in development for nearly a decade. The partnership with Lotus International highlights the collaborative effort to finalize the hotel construction.

Players

Kawa Capital Management
Kawa Capital Management
LENDER

Details

FINANCED
IMAGE: Daniel Ades & Joseph Chetrit DATE: 12/10/2024 ADDRESS: 2000 Park Avenue MARKET: Miami Beach ASSET TYPE: Hotel ~ KEYS: 280 LENDER: Daniel Ades - Kawa Capital (@Kawa_Capital) LANDLORD: Joseph Chetrit - Chetrit Group; Lotus International LOAN AMOUNT: $88,000,000 LOAN TYPE: Refinance NOTE: Chetrit Group secured an $88M loan from Kawa Capital and partnered with Lotus International to finalize the four-star, 280-room Collins Park Hotel in Miami Beach, which is set to open in six months with an average nightly rate of $350. The project has been under construction for nearly a decade.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$88,000,000.00

Monthly NOI$586,666.67
Monthly Debt Service$556,219.86
Change in Cash Flow$0.00
Refinance Proceeds$0.00