Heafey Group Secures $80M Refinancing Loan For Conrad Fort Lauderdale Beach Hotel
551 North Fort Lauderdale Beach Boulevard
$80,000,000
Building Size
—
Asset Type
Hotel
Closing
Jun 12, 2024
About this deal
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The Conrad Fort Lauderdale Beach is a 24-story condo-hotel located at 551 North Fort Lauderdale Beach Boulevard in Fort Lauderdale. The property, acquired for $100 million in 2017, consists of 290 suites and various amenities. It recently underwent renovations and welcomed the opening of Vitolo restaurant.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $80,000,000
- Lender: Eddie Diaz, T. George Harduvel & Lourdes Quiñones - Ocean Bank
- Landlord: Pierre Heafey - Heafey Group
Eddie Diaz, T. George Harduvel, and Lourdes Quiñones from Ocean Bank provided an $80 million refinancing loan to the Heafey Group for the Conrad Fort Lauderdale Beach. The loan aims to cover renovation expenses and consolidate existing debts, supporting the continued operations and enhancements of the property.
On the Map
$80,000,000
Hotel
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Fort Lauderdale Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93