NorthMarq’s Jacksonville office secures $15,500,000 refinance of Hilton Bentley Beach Retail in Miami Beach, Florida
JACKSONVILLE, FLORIDA – Ryan Whitaker negotiated the $15.5 million refinance of Hilton Bentley Beach Retail, located in Miami Beach, Florida.
Financing Details:
- 10-year interest-only term
- NorthMarq arranged the permanent-fixed loan through its relationship with a CMBS lender.
Producer Quote:
“This was a very complex transaction. Excellent real estate with ocean front location in South Beach! The development is a 109-room, condo-hotel that is a part of the Hilton reservation system with 18,575 sq. ft. of commercial space which included retail space, common area amenities and a parking garage. Our collateral for the loan was the commercial space. Some of the challenges that we faced were insurance (oceanfront collateral during hurricane season tends to get a bit more scrutiny), value (separate approaches to value for the retail space and the parking garage, including separate sets of sale and rent comps to shore up value and LTV) and the condo structure.
- Ryan Whitaker
Property Details:
- The property is located at 101 Ocean Drive in Miami Beach, Florida.
- The development is a 109-room, condo-hotel that is a part of the Hilton reservation system with 18,575 sq. ft. of commercial space which included retail space, common area amenities and a parking garage.
