T30 Capital Provides $39M Bridge Loan For Wynwood Miami Hotel Development
255 Northwest 25th Street
$39,000,000
Building Size
—
Asset Type
Hotel
Closing
May 1, 2024
AI
The hotel located at 255 Northwest 25th Street in Wynwood Miami, FL, is a noteworthy asset with over 26,000 SF of F+B space. The recent transaction involved a Construction Completion / Bridge Loan amounting to $39,000,000, provided by David Schwartz, Evan O’Connor & Daniel Schwartz from T30 Capital. The landlords of the property are Pierre Charalamides & Chris Desai from Dolphin Capital & Baywood Hotels.
Summary of transation details:
- Property Type: Hotel
- Transaction Amount: $39,000,000
- Lender: David Schwartz, Evan O’Connor & Daniel Schwartz - T30 Capital
- Landlord: Pierre Charalamides & Chris Desai - Dolphin Capital & Baywood Hotels
- Brokers: Drew Anderman & Eddie Haber - Meridian Capital Group
- Loan Type: Construction Completion / Bridge Loan
The financing for this project, secured through a new loan that refinanced the initial construction loan, enables the developer to finalize and stabilize the hotel project. Notably, the F+B space within the property will be operated by Noble33, adding a unique touch to the establishment's offerings.
Players
Miami 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
0.41%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93