The property assets involved in the transaction include two hotels and an adjacent apartment building located in Miami Beach. The Kayak Miami Beach is situated at 2216 Park Avenue, while the Blue Moon Hotel is located at 944 Collins Avenue. The adjacent apartment building can be found at 952 Collins Avenue. The properties are undergoing renovation funded by a $27 million loan to combine the Blue Moon and the apartment building into a 97-room hotel, with a grand reopening planned for October featuring new branding and dining options.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $27,000,000
• Lender: Franklin BSP Realty Trust
• Landlord: Kenneth Lipschutz - Blue Suede Hospitality Group
• Loan Terms: two-year
• Date: 08/23/2024
• Address: 2216 Park Avenue - Kayak Miami Beach, 944 Collins Avenue - Blue Moon Hotel & 952 Collins Avenue
• Market: Miami Beach

This transaction includes key individuals and companies such as Kenneth Lipschutz, who represents Blue Suede Hospitality Group, the landlord responsible for the venues involved. The lender in this deal is Franklin BSP Realty Trust, which provided the necessary financing for the renovation of the properties.