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Heafey Group Secures $80M Refinancing Loan For Conrad Fort Lauderdale Beach Hotel

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FINANCED
$80,000,000

Florida

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Hotel
Financed 06/12/2024
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FINANCED

Heafey Group Secures $80M Refinancing Loan For Conrad Fort Lauderdale Beach Hotel

551 North Fort Lauderdale Beach Boulevard

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Hotel
Financed 06/12/2024
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Summary

FLORIDA
Asset Type:Hotel
Transaction Type:Loan

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.

Players

Ocean Bank
Ocean Bank
LENDER

Details

FINANCED
IMAGE: Eddie Diaz, Pierre Heafey & Lourdes Quiñones DATE: 06/12/2024 ADDRESS: 551 North Fort Lauderdale Beach Boulevard - Conrad Fort Lauderdale Beach MARKET: Fort Lauderdale ASSET TYPE: Hotel ~ KEYS: 290 LENDER: Eddie Diaz, T. George Harduvel & Lourdes Quiñones - Ocean Bank (@OceanBankUS) LANDLORD: Pierre Heafey - Heafey Group LOAN AMOUNT: $80,000,000 LOAN TYPE: Refinance NOTE: Heafey Group secured an $80 million refinancing loan from Ocean Bank for the Conrad Fort Lauderdale Beach condo-hotel amid high interest rates, with the funds set to cover renovation costs and consolidate previous debt. The 24-story property, acquired for $100 million in 2017, includes 290 suites and various amenities, and recently saw the opening of Vitolo restaurant following renovations.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$80,000,000.00

Monthly NOI$533,333.33
Monthly Debt Service$505,654.42
Change in Cash Flow$0.00
Refinance Proceeds$0.00