AFC Realty Capital Arranges Financing For South Beach Hotel's Acquisition, Renovation
MIAMI BEACH, FL, February 10, 2006 A $13.5-million financing package has put been together by AFC Realty Capital for the acquisition and redevelopment of the Carlton Hotel here. The borrower was not revealed.
The financing package for the 67-room South Beach hotel includes an $8-million, non-recourse bridge loan for the acquisition and $5.5 million in construction financing for a property revitalization project.
That project will include both renovation and new construction work. Cosmetic renovations will be performed on the building's exterior in order to restore its style. Also, a new four-story annex will be built on the site and will contain 39 one-bedroom suites. These suites will be pre-sold as condo hotel units, which will allow the borrower to pay off the loans in their entirety.
The Carlton Hotel is located at 1433 Collins Ave.
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