Goldman Sachs Provides $49.3M Loan To Assouline Busch Capital For Miami Beach Hotel Redevelopment
3010 Collins Avenue
$49,300,000
$1,130/SF
Building Size
43,600 SF
Asset Type
Hotel
Closing
Oct 1, 2024
About this deal
AI
The asset involved in this transaction is a hotel located at 3010 Collins Avenue in Miami Beach, FL. The property is part of a repositioning and redevelopment loan totaling $49,300,000.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $49,300,000
- Lender: Goldman Sachs
- Landlord: Assouline Busch Capital
- Broker: Max Ralby - Newmark
- Loan Type: Repositioning & Redevelopment
The transaction is being represented by broker Max Ralby from Newmark, indicating the involvement of a structured financing approach for the hotel’s intended repositioning and redevelopment strategy.
Players
Miami Beach 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
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93