Ocean Bank Provides $36M Loan For Hotel At 510 Ocean Drive In Miami Beach
FINANCED
$36,000,000
Florida
See Similar DealsHotel
Financed 11/21/2022
FINANCED
Ocean Bank Provides $36M Loan For Hotel At 510 Ocean Drive In Miami Beach
510 Ocean Drive, Miami Beach, Florida 33139, United States
See Similar DealsHotel
Financed 11/21/2022
Summary
FLORIDA
Asset Type:Hotel
Transaction Type:Loan
510 Ocean Drive in Miami Beach has been sold in a closed transaction. The property involved in this deal is a hotel, located in the vibrant market of Miami Beach.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $36,000,000
- Date: 11/21/2022
- Address: 510 Ocean Drive
- Market: Miami Beach
The lender in this transaction was Ocean Bank. The landlord of the property is Shadi Shomar, who represents Arte Hospitality Group. Another key figure in the deal is Renata & Cesar Giovannini. They are the landlord's representatives from Adams Gallinar, represented by Michael Gallinar and Jason Camps.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$36,000,000.00
Monthly NOI$240,000.00
Monthly Debt Service$227,544.49
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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