Meridian Capital Group, America’s most active deal maker, arranged $26 million in CMBS financing to refinance the Holiday Inn Miami Beach – Oceanfront in Miami Beach, FL.
The 10-year CMBS loan features full-term interest-only payments. This transaction was negotiated by Meridian Managing Directors, Jacob Schmuckler and Steve Adler, who are both based in the company’s New York City headquarters.
The Holiday Inn Miami Beach - Oceanfront is an eight-story hotel, located at 4333 Collins Avenue in Miami Beach, FL. The 253-room oceanfront hotel was completely renovated in 2009 and transformed into a contemporary-style property, including a pool area with a Tiki bar and manicured garden areas with hammocks. Amenities include an on-site bar and restaurant, a fitness center, conference and banquet rooms, a business center and a laundry facility. Guests enjoy direct access to a wide stretch of Miami’s beaches, as well as the Miami Beach Boardwalk, which offers a variety of restaurants, shopping, nightlife and golf clubs.
“The Holiday Inn’s central location and various on-site and community amenities attract both tourists and business travelers,” said Mr. Schmuckler. “The sponsor has owned the hotel for over 20 years, along with several nearby properties,” he added. “Their strong performance record, as well as the property’s recent renovations, demonstrated promising upside potential to the lender and Meridian was able to negotiate favorable terms.”
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com