Gencom Secures $300M Refinance Loan From Blackstone For The Ritz-Carlton Key Biscayne
455 Grand Bay Drive
$300,000,000
Building Size
—
Asset Type
Hotel
Closing
May 19, 2025
About this deal
AI
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.
On the Map
$300,000,000
Hotel
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Players
Key Biscayne 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
0.05%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93