facebook
Traded Co logo
Submit

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

Property Image
FINANCED
$4,500,000
James Murad
Andrew Iadeluca
Adam Hakim
+ 1

Florida

See Similar Deals
Hotel52,133 SF
Financed 02/03/2021
the dealplayerscompscontact
Property Image
FINANCED

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

550 9th Street, Miami Beach, FL, USA

See Similar Deals
Hotel52,133 SF
Financed 02/03/2021
James Murad
Andrew Iadeluca
Adam Hakim
+ 1
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Hotel
Price Per Square Foot:$86
Total Square Footage:52,133 SF
Transaction Type:Loan

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

James Murad
Ripco
James Murad
62 deals$2.9B volume(646) 290-2012
BROKER
Andrew Iadeluca
Andrew Iadeluca
17 deals$689.1M volume(315) 480-2540
BROKER
Adam Hakim
Ripco
Adam Hakim
60 deals$2.9B volume(646) 290-2011
BROKER
Northeast Bank
Northeast Bank
LENDER
SN
Simon Nemni
3 deals$67.5M volume
LANDLORD

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 hotel

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$4,500,000.00

Monthly NOI$30,000.00
Monthly Debt Service$28,443.06
Change in Cash Flow$0.00
Refinance Proceeds$0.00