Aztec Arranges $70mil Refinancing for Two Florida Sheratons
MIAMI, FL, March 19, 2007, Aztec Group, Inc., Florida's leading real estate investment and merchant banking firm based in Miami, is pleased to announce the placement of a $70,000,000 first mortgage on the Sheraton Miami Mart and the Sheraton Orlando Downtown hotels.
Located just south of the Miami International Airport and connected to the Miami International Merchandise Mart, the 334-room Sheraton Miami Mart includes 24,000 square feet of meeting space, a restaurant, swimming pool, a 21-unit retail plaza, and a 160,000 square foot convention center. The hotel recently renovated and converted to a Sheraton in June of 2005.
The newly-renovated Sheraton Orlando Downtown opened in January 2007, following a major renovation of all guestrooms and public areas. The Sheraton Orlando Downtown is located near Interstate 4 and includes 341 guestrooms and suites, restaurant, bar, pool, and 16,500 square feet of meeting space.
"It is always challenging to underwrite properties with unstabilized income," commented Boaz Ashbel, Aztec's Managing Director, who along with Jason Shapiro, represented the borrower in the placement of these loans. "The lender recognized the quality of these properties and their future income potential in structuring the loans."
"The borrower's cost of capital was significantly reduced with the creative structuring of the10-year, fixed rate loans on unstabilized assets," noted Jason Shapiro.
Founded in 1981, Aztec Group, Inc., is a full service real estate investment and merchant banking firm specializing in facilitating the acquisition, disposition, financing and capital needs of real estate projects for institutional investors, entrepreneurs, developers and offshore clients.
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