Meridian Capital Group Arranges $17 Million in Construction Financing for a Boutique Hotel Development in Miami, FL
New York, NY - February 28, 2013 - Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated $17 million in construction financing for the ground up development of a 103-room boutique hotel property on Collins Avenue in Miami, FL.
The three-year interest-only construction loan amounted to 60% of the total development cost and was provided by a South American bank with a U.S. presence. The loan was structured non-recourse to the borrower with the exception of a construction completion guarantee and was priced very competitively. Meridian Senior Vice President, Sean Mooney and Vice President, Emanuel Westfried, who are based in the company's New York City headquarters, negotiated this transaction.
Once constructed, this full-service boutique hotel will total 55,705 square feet and contain 103 rooms. The property is situated directly on Collins Avenue at 10th Street in the heart of bustling Miami Beach, FL.
“Meridian was able to add substantial value to this deal by negotiating the loan on a non-recourse basis,” said Mr. Mooney. “The financing for this transaction elicited interest from regional lenders in South Florida, lenders in New York and lenders from abroad. The high level of interest and competition among lenders for this loan is also a strong testament to the strength of the Miami market and indicate lower elasticity going forward,” 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, Arizona 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, cooperative, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com
Contact:
Jonathan Stern
Meridian Capital Group, LLC
212/972-3600
[email protected]
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