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Gencom Secures $300M Refinance Loan From Blackstone For The Ritz-Carlton Key Biscayne
FINANCED
$300,000,000
Florida
See Similar DealsHotel
Financed 05/19/2025
FINANCED
Gencom Secures $300M Refinance Loan From Blackstone For The Ritz-Carlton Key Biscayne
455 Grand Bay Drive
See Similar DealsHotel
Financed 05/19/2025
Summary
FLORIDA
Asset Type:Hotel
Transaction Type:Loan
The Ritz-Carlton Key Biscayne, located at 455 Grand Bay Drive in Miami, is a hotel asset that recently secured a refinancing loan amounting to $300,000,000. The facility is aimed at funding major renovations, which includes upgrades to guest rooms, amenities, and public spaces.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $300,000,000
- Lender: Stephen A. Schwarzman & Tony LaBarbera - blackstone-real-estate-debt-strategies'>Blackstone Real Estate Debt Strategies
- Landlord: Karim Alibhai - Gencom; Edgardo Defortuna - Fortune International (Key Bay Club LLLP)
- Loan Type: Refinance
In this transaction, Gencom is the primary landlord, and they formed a joint venture with Fortune International’s Key Bay Club to develop a unified 22-acre beachfront masterplan which will feature over 1,200 feet of ocean frontage. This collaboration aims to enhance the overall appeal and functionality of the location.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$300,000,000.00
Monthly NOI$2,000,000.00
Monthly Debt Service$1,896,204.07
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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