Karim Alibhai Of Gencom Acquires Grand Bay Club In Key Biscayne For $20 Million
425 Grand Bay Drive
$20,000,000
$1,382/SF
Building Size
14,463 SF
Asset Type
Hotel
Closing
May 6, 2025
AI
The property involved in the transaction is a resort asset located at 425 Grand Bay Drive in Key Biscayne, encompassing 2.4 acres. The sale price for the property was $20,000,000. The total square footage of the resort is 14,463, which translates to a price per square foot of $1,383.
Summary of transaction details:
- Property Type: Resort
- Transaction Amount: $20,000,000
- Address: 425 Grand Bay Drive
- Market: Key Biscayne
- Acres: 2.4
- Square Footage: 14,463
- Price per Square Foot: $1,383
- Buyer: Karim Alibhai - Gencom
- Seller: Edgardo Defortuna - Fortune International Group
- Lender: Goldman Sachs & Banco Inbursa
The transaction was orchestrated by Karim Alibhai representing Gencom, while Edgardo Defortuna represented Fortune International Group in the sale. The property acquisition was part of a larger financial strategy, as it was added as collateral under a $47.38 million loan associated with a major renovation of the nearby Ritz-Carlton hotel owned by Gencom.
Players
Key Biscayne Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93