Meridian Capital Group, America’s most active dealmaker, arranged $6.5 million in CMBS financing to refinance the oceanfront Lexington Hotel in Miami Beach, FL.
The 10-year interest-only loan, provided by a CMBS lender, features a fixed rate of 4.66% and full-term interest-only payments. This transactions was negotiated by Meridian Senior Vice President, Jacob Schmuckler, who is based in the company’s New York City headquarters.
The Lexington Hotel, located at 4299 Collins Avenue, is a 143-room oceanfront hotel in the heart of Miami Beach. Guests enjoy direct access to Miami’s white sand beaches and the boardwalk. Amenities include an outdoor pool and a poolside cafe, a guest laundry facility, a spacious meeting facility and secure off-site parking. The Lexington Hotel offers on-site dining at the Florida Grill Steakhouse and the outdoor Beaches Bar and Grill. Guests are in walking distance from four-star dining options at Blade, Scarpetta, and the Forge Restaurants. Nearby attractions include Jungle Island, Miami Children’s Museum, Bass Museum of Art and the Miami Seaquarium.
“The loan was maturing with the existing lender,” explained Mr. Schmuckler. “Thanks to Meridian’s excellent CMBS lender relationships, we were able to close the loan in 45 days on favorable terms,” he added.
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