Northeast Bank Provides $4.5M Loan For Assisted Living Conversion To Hotel In Miami Beach

The property at 550 9th Street in Miami Beach has been closed on for a loan of $4,500,000. The property is an assisted living facility that will be converted into a boutique hotel. The 6-story building spans 52,000 square feet and has received the necessary approvals for the conversion. The new hotel will feature 113 rooms.

Summary of transaction details

• Property Type: Assisted Living to be converted to Hotel
• Transaction Amount: $4,500,000
• Address: 550 9th Street
• Market: Miami Beach

The loan was provided by Northeast Bank, and the landlord of the property is Simon Nemni. The brokers involved in the deal were Adam Hakim, James Murad, and Andrew Iadeluca.