First Abu Dhabi Bank & National Bank Of Kuwait Provide $180M Loan For Miami Beach EDITION Hotel With Abu Dhabi Investment Authority As Landlord
FINANCED
$180,000,000
Florida
See Similar DealsHotel368,334 SF
Financed 11/15/2021
FINANCED
First Abu Dhabi Bank & National Bank Of Kuwait Provide $180M Loan For Miami Beach EDITION Hotel With Abu Dhabi Investment Authority As Landlord
The Miami Beach EDITION, 2901 Collins Avenue, Miami Beach, FL 33140, USA
See Similar DealsHotel368,334 SF
Financed 11/15/2021
Summary
FLORIDA
Asset Type:Hotel
Price Per Square Foot:$488
Total Square Footage:368,334 SF
Transaction Type:Loan
A hotel located at 2901 Collins Ave in Miami Beach, known as the Miami Beach EDITION, has been involved in a recent loan transaction. The property covers an area of 3.5 acres and consists of 294 keys. The deal was closed on November 15, 2021, with an undisclosed buyer and seller.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $180,000,000
- Address: 2901 Collins Ave, Miami Beach
- Market: Miami Beach
- Keys: 294
- Acres: 3.5
The loan for this transaction was provided by First Abu Dhabi Bank and the National Bank of Kuwait. The Abu Dhabi Investment Authority, represented by Hamed bin Zayed Al Nahyan, served as the landlord. The deal was facilitated by Kevin Davis and Barnett Wu from JLL’s Hotels & Hospitality Group.
Kevin Davis and Barnett Wu, representing JLL’s Hotels & Hospitality Group, played a key role as brokers in the transaction, assisting with the negotiation and closing process. Their expertise in the hospitality industry contributed to the successful completion of the deal.
Players
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$180,000,000.00
Monthly NOI$1,200,000.00
Monthly Debt Service$1,137,722.44
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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