Maxim Capital Group Provides $62.5M Hospitality Redevelopment Loan For Collins Park Hotel, Miami Beach
Collins Park Hotel, Park Avenue, Miami Beach, FL, USA
$62,500,000
Building Size
—
Asset Type
Hotel
Closing
May 9, 2021
About this deal
AI
The Collins Park Hotel in Miami Beach has recently undergone a hospitality redevelopment with the assistance of a loan from Maxim Capital Group. The loan amount of $62,500,000 has contributed to the transformation of this hotel asset.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $62,500,000
- Address: Collins Park Hotel, Miami Beach
- Market: Miami Beach
- Lender: Maxim Capital Group - Adam Glick, Jason Bordenick, Josh Greene
- Landlord: The Chetrit Group - Joseph Chetrit
- Broker: Robert Verrone - Iron Hound Management
- Loan Type: Hospitality Redevelopment
Adam Glick, Jason Bordenick, and Josh Greene from Maxim Capital Group facilitated the loan for this project. They have played a crucial role in supporting the redevelopment of the Collins Park Hotel. Joseph Chetrit, representing The Chetrit Group, acts as the landlord for this transaction. Additionally, Robert Verrone, from Iron Hound Management, represents the buyer as the broker in this deal.
Players
Miami Beach Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
Loading comparables…
Deal FAQ
Browse Florida hotel loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93