FINANCED
Northeast Bank Provides $4.5M Loan For Assisted Living Conversion To Hotel In Miami Beach
550 9th Street
Hotel
52,133 SF
52,133 SF
Financed 1 year ago
Summary
Loan
FLORIDA
Hotel
52,133 sqft
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.
Players
Details
FINANCED
IMAGE: Adam Hakim, James Murad, & Andrew Iadeluca
DATE: 02/03/2021
ADDRESS: 550 9th Street
MARKET: Miami Beach
ASSET TYPE: Assisted Living to be converted to Hotel
LENDER: Northeast Bank
LANDLORD: Simon Nemni
BROKERS: Adam Hakim, James Murad, & Andrew Iadeluca
LOAN AMOUNT: $4,500,000
LOAN TERMS: 6-story 52,0000 SF building with approvals to convert to a 113-key boutique hotelView on map
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Address550 9th Street
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