Berkadia Secures $45.9M Loan To Refinance Brickell Ave Hampton Inn & Suites
The lender, a life insurance company, provided the five-year, fixed-rate loan with full-term interest only at an attractive interest rate.
The lender, a life insurance company, provided the five-year, fixed-rate loan with full-term interest only at an attractive interest rate.
Managing Director Scott Wadler and Vice President Michael Basinski of Berkadia Miami, secured a $36.08 million loan on behalf of the developer, Fortune International Group.
The acquisition marks Ciprés’ second major development project in South Florida and represents a significant expansion northward for the Miami-based company.
Financing for the development includes a $32.2 million tax credit equity from Bank of America; a $9.1 million conventional first mortgage loan from Berkadia/Freddie Mac; a subordinate $6 million Surtax loan from Miami-Dade County; and the balance with developer equity.
Phase II will consist of 6,000 square feet of ground-floor retail space and 42,000 square feet of creative office space, slated for completion in Q2 2026.
Senior Managing Director Charles Foschini, Managing Director Christopher Apone, and Associate Director Shannon Wilson of Berkadia Miami secured the financing on behalf of the sponsor Neology Development, an award-winning, lifestyle-driven real estate firm led by Lissette Calderon.
Scott Wadler and Alec Fox, along with Mitch Sinberg and Brad Williamson and Matt Robbins of Berkadia South Florida, secured the $172 million loan from Bank OZK.
Roberto Pesant, Jaret Turkell, Yoav Yuhjtman, Jose Mota, and Omar Morales of Berkadia South Florida led the $24.6 million sale on behalf of the seller. Mitch Sinberg, Brad Williamson, Matt Robbins and Scott Wadler secured $14.76 million in acquisition financing through a bank on behalf of the buyer.
The site is expected to complete and obtain master permitting within four months.
Berkadia Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins, Senior Managing Director Mitch Sinberg, and Vice President Michael Basinski of Berkadia South Florida arranged the loan on behalf of the Miami-based sponsors.
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