Berkadia Secures $13 Million Loan for Ocean Drive Hotel

USA, Miami Beach, Florida. October 16, 2018

Berkadia arranged a $13 million loan for the owners of The Lord Balfour Hotel on Ocean Drive, in Miami Beach, Florida. Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Analyst Robert Iudice of Berkadia's South Florida office secured the loan on behalf of Eidico, an Argentinean real estate developer specializing in hospitality.

The refinancing will be used in part to pay off the original loan and a construction loan for a new wing of the hotel on an adjacent lot, which includes 17 guest rooms, a rooftop terrace with plunge pool and Jacuzzi, a gym and business center, and a 40-seat restaurant called Salt Kitchen and Lounge.

Mercantil Bank provided the loan, with a 24-month term and one 36-month extension option.

"Though a small deal for our team, we had numerous issues to work through to get this loan closed," said Foschini. "The foreign sponsorship, the lack of operational history and the difficulties of getting a certificate of occupancy in Miami Beach contributed to the challenges of this assignment. In the end, the exceptional Ocean Drive location and low loan-to-value made for a great loan for our banking relationship."

Located at 350 Ocean Drive in the prestigious "South of Fifth" neighborhood of Miami Beach, The Lord Balfour Hotel is an 81-room, full-service boutique hotel built in the Art Deco style during the 1940s. Eidico purchased the property in 2010-its first acquisition in the United States-and remodeled the property in 2013 to compete with some of the newer/renovated properties in South Beach. The addition was completed in early 2018. The Lord Balfour is located steps from the iconic Ocean Drive, the center of the Miami Art Deco District, and Lummus Park.


About Berkadia

Media Contact:

Melinda Sherwood
Vice President
Kreps DeMaria
T: 305-663-3543
E: [email protected]
W: http://www.krepspr.com

Subscribe to our newsletter
for more Hotel Newswire articles

Related News

Choose a Social Network!

The social network you are looking for is not available.

Close
Coming up in November 2021...

Architecture & Design: Wellness is Key


Like every other facet of hotel operations, architecture and design firms are adapting their work to ensure the safety and well-being of both guests and staff. New ways to bring Wellness into hotel spaces are being explored and these solutions are taking on many forms. Hotel designs are incorporating more open floor plans, open air spaces, high ceilings, outdoor areas and operable walls into their spaces. Guests no longer want to be packed into tight areas. More "biophilic" elements are also being incorporated, offering guests the sense of being outdoors. Another trend is the reimagining of guest rooms to support remote work capabilities. Some hotels are converting empty guest rooms into office spaces, complete with effective lighting and suitable backgrounds for video conferencing. Dedicated Zoom Rooms are also becoming increasingly popular. The main goal is to provide guests with a positive experience in a space that feels safe and comfortable. These are some of the architecture and design subjects that will be covered in the November issue of the Hotel Business Review.