Anna Westhoff and Andrew Stewart of Cronheim Mortgage have arranged $125 million in financing for the Grand Beach Hotel, a full-service, oceanfront property located in Miami Beach, Florida.
The loan features a 10-year term with the first 2 years interest-only, amortizing thereafter on a 30-year schedule.
The hotel contains 424 suites in a 20-story building completed in 2009.
The ground floor features a reception area, bar, and poolside restaurant with indoor and outdoor seating. Floors 7-20 house the guest suites, which range in size from standard king, queen, and double guestrooms, to one- and two-bedroom suites, penthouse suites, and an ambassador suite.
All guestrooms feature a private balcony with a view of the Miami Beach Intercoastal Waterway, Atlantic Ocean, or the Miami Skyline.
Hotel amenities include an exercise room, meeting space, business center, and a number of indoor and outdoor pools including one on the 7th floor rooftop.
The property is located along Collins Avenue, the primary thoroughfare in Miami Beach. Over the last 20 years, Miami Beach has re-established itself as one of the world’s leading tourist destinations, as part of a dynamic and international city that also ranks among the strongest hotel markets in the US.
According to Andrew Stewart, “The fact that this property possesses some of the largest and best appointed rooms in Miami Beach combined with superior amenities and ocean and/or intercoastal views from every room, makes it likely that the hotel will continue to gain market share for years to come.”
Westhoff added, “Cronheim sourced and delivered custom-fit financing on a very tight time frame, which is crucial for a transaction of this quality and size.”