Sheridan Capital Provides $17.3M Bridge Loan For Miami Beach Hotel Acquisition
FINANCED
$17,325,000
Florida
See Similar DealsHotel150,000 SF
Financed
FINANCED
Sheridan Capital Provides $17.3M Bridge Loan For Miami Beach Hotel Acquisition
6060 Indian Creek Drive
See Similar DealsHotel150,000 SF
Financed
Summary
FLORIDA
Asset Type:Hotel
Price Per Square Foot:$115
Total Square Footage:150000 SF
Transaction Type:Loan
Joe Fishman and Ben Fishman have closed a loan for a hotel property located at 6060 Indian Creek in Miami Beach. The hotel spans approximately 150,000 square feet and was the subject of the transaction.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $17,325,000
- Address: 6060 Indian Creek
- Market: Miami Beach
- Lender: Sheridan Capital
- Originitors: Joe Fishman & Ben Fishman - FM Capital
- Loan Type: Bridge
Joe Fishman and Ben Fishman, representing FM Capital, orchestrated the loan transaction with Sheridan Capital. The hotel property at 6060 Indian Creek in Miami Beach served as the collateral for the bridge loan worth $17,325,000.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$17,325,000.00
Monthly NOI$115,500.00
Monthly Debt Service$109,505.79
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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