Maxim Capital Group Provides $19.3M Construction Loan For Fort Lauderdale's Garden Hotel
3711 North Ocean Boulevard
$19,300,000
$263/SF
Building Size
73,364 SF
Asset Type
Hotel
Closing
Oct 31, 2023
About this deal
AI
The Garden Hotel and Resort, located at 3711 North Ocean Boulevard in Fort Lauderdale, was the subject of a recent transaction. The hotel has a total area of 73,364 square feet and is part of the hospitality sector.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $19,300,000
- Address: 3711 North Ocean Boulevard
- Market: Fort Lauderdale
The loan for the renovation of the Garden Hotel was provided by Maxim Capital Group. The loan amount totaled $19,300,000 and was obtained through a Construction Line of Credit. The proceeds from the loan were utilized to renovate the existing Royal Beach Palace Hotel, which will be rebranded as the Garden Hotel. HKS Real Estate Advisors represented the buyer in this transaction.
On the Map
$19,300,000
$263/SF
Hotel
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Players
Fort Lauderdale 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
0.82%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93