Cronheim Mortgage arranged a $125 million loan for Grand Beach Hotel, a full-service, 424-room oceanfront property in Miami Beach. The loan features a 10-year term with the first two years interest only and a 30-year amortization schedule.
Grand Beach Hotel was completed in 2009 and is located along Collins Avenue, the main thoroughfare in Miami Beach. Amenities at the property include a bar, a poolside restaurant, an exercise room, a business center and multiple pools. All of the guestrooms feature private balconies with views of the Intercoastal Waterway, Atlantic Ocean and the Miami skyline.
Cronheim’s Anna Westhoff and Andrew Stewart negotiated this transaction.
“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,” said Stewart in a statement.