Tom Assouline Secures $33 Million Refinance Loan For Garden Hotel & Resort In Fort Lauderdale

The Garden Hotel & Resort, located at 3711 North Ocean Boulevard in Fort Lauderdale, FL, is a hotel asset comprising 154 keys. The property recently underwent renovations and features multiple pools, direct beach access, and resort-style amenities. Tom Assouline secured a refinance loan amounting to $33 million at a two-year term from City National Bank of Florida, representing a 65% loan-to-value ratio.

Summary of transation details:

• Property Type: Hotel
• Transaction Amount: $33,000,000
• Address: 3711 North Ocean Boulevard
• Market: Fort Lauderdale, FL
• Asset Keys: 154
• Lender: City National Bank of Florida
• Landlord: Tom Assouline
• Broker: Robert Werhane - Institutional Property Advisors
• Loan Type: Refinance
• Loan Terms: two-year
• Loan-to-Value Ratio: 65%

Robert Werhane from Institutional Property Advisors arranged the refinancing deal, highlighting ongoing interest from lenders in upgraded experiential hospitality assets. The financing initiative is a response to the recent enhancements made to the hotel, emphasizing the property's appeal as a prime investment opportunity within the hospitality sector.