$11 Million Acquisition Loan Secured For Miami Hotel With Brokers Shaun Ashkenazy & Ryan Surkes

The asset involved in the transaction is a hotel located in the Miami market. It has 110 keys and encompasses a total square footage of 9,471. The property is associated with a loan amount of $11,000,000 for acquisition purposes, with specific loan terms of 24-months, a loan-to-cost ratio of 70%, SOFR + 600, and it is non-recourse.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $11,000,000
• Loan Type: Acquisition
• Loan Terms: 24-months, 70% LTC, SOFR + 600, Non-Recourse
• Brokers: Shaun Ashkenazy & Ryan Surkes - Onyx Funding
• Date: 8/1/2024
• Market: Miami
• Keys: 110
• Square Footage: 9,471

In this transaction, Shaun Ashkenazy and Ryan Surkes acted as the brokers representing the acquisition loan deal. They are affiliated with Onyx Funding, which facilitated the loan arrangement for this hotel property with its significant loan amount and specific non-recourse terms.