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Northeast Bank Provides $4.5M Loan For Assisted Living Conversion To Hotel In Miami Beach

550 9th Street
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This Hotel property located in FL received a loan of $4,500,000 about 3 years ago. The brokers of the deal were Adam Hakim, Andrew Iadeluca, and James Murad

The property at 550 9th Street in Miami Beach has been closed on for a loan of $4,500,000. The property is an assisted living facility that will be converted into a boutique hotel. The 6-story building spans 52,000 square feet and has received the necessary approvals for the conversion. The new hotel will feature 113 rooms.

Summary of transaction details

  • Property Type: Assisted Living to be converted to Hotel
  • Transaction Amount: $4,500,000
  • Address: 550 9th Street
  • Market: Miami Beach

The loan was provided by Northeast Bank, and the landlord of the property is Simon Nemni. The brokers involved in the deal were Adam Hakim, James Murad, and Andrew Iadeluca.

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Deals
  • Location
    550 9th Street, Miami Beach, FL, USA550 9th Street, Miami Beach, FL, USA
  • Loan Value
    $4,500,000$4,500,000
  • Asset Type
    HotelHotel
  • Parties
    3 Brokers, 1 Agency, 1 Lender3 Brokers, 1 Agency, 1 Lender

Agents

James Murad

James Murad

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Financed$2.2B

Agency

Meridian Capital Group

Meridian Capital Group

Agency
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Volume$65.9B

Northeast Bank

Northeast Bank

Lender
Deals2
Volume$ 4.7B

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Deal Summary

LOAN IMAGE: Adam Hakim, James Murad, & Andrew Iadeluca DATE: 02/03/2021 ADDRESS: 550 9th Street MARKET: Miami Beach ASSET TYPE: Assisted Living to be converted to Hotel LENDER: Northeast Bank LANDLORD: Simon Nemni BROKERS: Adam Hakim, James Murad, & Andrew Iadeluca LOAN AMOUNT: $4,500,000 LOAN TERMS: 6-story 52,0000 SF building with approvals to convert to a 113-key boutique hotel

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550 9th Street

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