JP Morgan Provides $164M Refinance Loan For The Goodtime Hotel In Miami Beach
601 Washington Avenue, Miami Beach, FL 33139
$164,000,000
$752/SF
Building Size
218,000 SF
Asset Type
Hotel
Closing
Sep 29, 2021
About this deal
AI
The Good Time Hotel, located at 601 Washington Ave in Miami Beach, has recently undergone a loan refinancing transaction. The hotel, with a total area of 218,000 square feet and 266 rooms, is owned by Dreamscape Companies, represented by Eric Birnbaum. The loan, provided by JP Morgan and represented by Aaron Casden, amounts to $164,000,000.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $164,000,000
- Address: 601 Washington Ave, Miami Beach
- Square Footage: 218,000
- Number of Rooms: 266
The loan refinancing was facilitated by brokers Aaron Appel, Keith Kurland, Jonathan Schwartz, and Adam Schwartz from Walker & Dunlop. The involvement of these individuals showcases their expertise and experience in the real estate market.
Players
Miami Beach Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93