Sheridan Capital Provides $17.3M Bridge Loan For Miami Beach Hotel Acquisition
6060 Indian Creek Drive
$17,325,000
$115/SF
Building Size
150,000 SF
Asset Type
Hotel
Closing
Feb 4, 2022
AI
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.
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
0.92%
Cash-on-Cash
-0.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93