NEW YORK, Oct 3 (Bernama-GLOBE NEWSWIRE) -- Madison Newbond, the institutional lending platform of Madison Realty Capital and Newbond Holdings that provides first mortgages, mezzanine loans and preferred equity to hotel owners and developers nationwide, today announced that it has provided a $20 million loan to FullG Capital’s equity sponsorship group for the acquisition of the Balfour Hotel Miami Beach (the “Balfour”), an independent boutique hotel located at 350 Ocean Drive in Miami Beach, Florida.
Located within Miami’s famed South Beach Art Deco District and situated less than one block from the beach, the Balfour contains 82 guestrooms across two towers, as well as an upscale restaurant and bar, an outdoor plunge pool, complimentary beach services, and approximately 1,300 square feet of rooftop terrace space. The hotel is managed by Driftwood Hospitality Management under a third-party hotel management agreement.Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “Miami is no longer just a top destination for domestic and international leisure travel, but has rapidly become a growing hub for corporations and financial firms seeking to relocate their headquarters. We are pleased to provide a flexible financing solution to facilitate the acquisition of a superbly well-located hotel in one of the most liquid and dynamic hospitality markets in the country.”
Drew Coles, President of FullG Capital said, “Madison Realty Capital is a highly experienced lender in the Miami hospitality market with a reputation for certainty of execution. We are thrilled to leverage Madison Newbond’s attractive financing capabilities to complete the acquisition of the Balfour.”
No comments:
Post a Comment