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Goldman Sachs Provides $49.3M Loan To Assouline Busch Capital For Miami Beach Hotel Redevelopment

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FINANCED
$49,300,000

Florida

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Hotel43,600 SF
Financed 10/01/2024
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Property Image
FINANCED

Goldman Sachs Provides $49.3M Loan To Assouline Busch Capital For Miami Beach Hotel Redevelopment

3010 Collins Avenue

See Similar Deals
Hotel43,600 SF
Financed 10/01/2024
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Hotel
Price Per Square Foot:$1,130
Total Square Footage:43,600 SF
Transaction Type:Loan

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

Max Ralby
Newmark
Max Ralby
74 deals$3.8B volume
BROKER
Max Ralby
Newmark
Max Ralby
74 deals$3.8B volume
BROKER

Details

FINANCED
IMAGE: Max Ralby & David Solomon DATE: 10/01/2024 ADDRESS: 3010 Collins Avenue MARKET: Miami Beach, FL ASSET TYPE: Hotel LENDER: Goldman Sachs (@GoldmanSachs) LANDLORD: Assouline Busch Capital BROKER: Max Ralby (@MaxRalby) - Newmark (@Newmark) LOAN AMOUNT: $49,300,000 LOAN TYPE: Repositioning & Redevelopment

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$49,300,000.00

Monthly NOI$328,666.67
Monthly Debt Service$311,609.54
Change in Cash Flow$0.00
Refinance Proceeds$0.00