Meridian Arranges $60mil in Financing for Palm Beach Hotel
PALM BEACH, FL, June 26, 2007. Meridian Capital Group recently arranged bridge and construction financing in the amount of $60,000,000 for the repositioning of The Ocean Club Beach Resort, formerly the Palm Beach Hilton. The oceanfront, luxury hotel, located at 2842 South Ocean Boulevard, contains 135 rooms and features over 200 feet of beach frontage.
Ronnie Levine of Meridian's New York office negotiated on behalf of Ceebraid Signal and Investcorp to secure a favorable non-recourse floating rate loan. The loan has a two-year term with a one-year extension option.
The property is situated along one of the finest beachfronts in Palm Beach in an area comprised of luxury homes, resorts, and high-end retail and dining venues. The borrowers plan to transform the asset into be a stunning contemporary facility with a world-class restaurant. The renovated facility will provide a significant addition to the high-end boutique hotel supply in Palm Beach. The property will be take off line for approximately one year while the renovations are completed.
Founded in 1991, Meridian Capital Group LLC is one of the nation's largest mortgage brokerages serving the multifamily and commercial real estate sectors. The company is based in New York City with additional offices in New Jersey, Pennsylvania, Maryland, Illinois, Florida, California, and Texas. Working with a wide variety of lenders, Meridian finances transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage, industrial, and construction properties. Nationally, Meridian reported more than 2,500 transactions in 2006, totaling over $17 billion.
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