Cronheim Hotel Capital Arranges $85M Refinance Loan For Grand Beach Hotel Miami Beach
4835 Collins Ave, Miami Beach, Fl 33140, United States
$85,000,000
Building Size
—
Asset Type
Hotel
Closing
Aug 2, 2023
About this deal
AI
The Grand Beach Hotel in Miami Beach has secured an $85 million loan for refinancing. The 424-room hotel, located at 4835 Collins Avenue, is currently undergoing renovations. The loan was obtained from an unnamed life insurance company, with Cronheim Hotel Capital (CHC) serving as the broker representative for the transaction.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $85,000,000
- Address: 4835 Collins Avenue, Miami Beach
- Market: Miami Beach
The loan provided for the Grand Beach Hotel's refinancing is a five-year loan with a fixed interest rate. Throughout the full term, the borrower will make interest-only payments. The deal was facilitated by the brokers David Poncia, Dev Morris, Allison Villamagna, and Andrew Stewart from Cronheim Hotel Capital.
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$85,000,000
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93