Meridian Capital Group, America’s most active dealmaker, arranged $6.5 million in CMBS financing to refinance the oceanfront Lexington Hotel in Miami Beach, FL.
The 10-year interest-only loan, provided by a CMBS lender, features a fixed rate of 4.66% and full-term interest-only payments. This transactions was negotiated by Meridian Senior Vice President, Jacob Schmuckler, who is based in the company’s New York City headquarters.
The Lexington Hotel, located at 4299 Collins Avenue, is a 143-room oceanfront hotel in the heart of Miami Beach. Guests enjoy direct access to Miami’s white sand beaches and the boardwalk. Amenities include an outdoor pool and a poolside cafe, a guest laundry facility, a spacious meeting facility and secure off-site parking. The Lexington Hotel offers on-site dining at the Florida Grill Steakhouse and the outdoor Beaches Bar and Grill. Guests are in walking distance from four-star dining options at Blade, Scarpetta, and the Forge Restaurants. Nearby attractions include Jungle Island, Miami Children’s Museum, Bass Museum of Art and the Miami Seaquarium.
“The loan was maturing with the existing lender,” explained Mr. Schmuckler. “Thanks to Meridian’s excellent CMBS lender relationships, we were able to close the loan in 45 days on favorable terms,” he added.
Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2016, Meridian closed $35 billion in loan volume and sold over $2 billion in commercial properties. Since inception, the company has closed more than $270 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California.