CitiBank Provides $232M Loan To Hersha Hospitality Management For Miami Beach Hotel
FINANCED
$232,000,000
Florida
See Similar DealsHotel
Financed 08/19/2022
FINANCED
CitiBank Provides $232M Loan To Hersha Hospitality Management For Miami Beach Hotel
3925 Collins Avenue, Miami Beach, Florida 33140, United States
See Similar DealsHotel
Financed 08/19/2022
Summary
FLORIDA
Asset Type:Hotel
Transaction Type:Loan
An elegant hotel located at 3925 Collins Avenue in Miami Beach was recently involved in a significant transaction. The property, known for its upscale amenities, was sold for a noteworthy amount of $232,000,000. This transaction highlights the attractiveness of the Miami Beach market for hotel investments.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $232,000,000
- Address: 3925 Collins Avenue
- Market: Miami Beach
Hersha Hospitality Management, represented by Hasu & Jay Shah, served as the landlord in this transaction. It is worth noting that citibank''>CitiBank acted as the lender, providing the substantial loan amount.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$232,000,000.00
Monthly NOI$1,546,666.67
Monthly Debt Service$1,466,397.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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