Miami, FL

$24,800,000 First Mortgage

In November 2023, a $24.8 million first mortgage was provided for a limited-service hotel located at 6985 Collins Avenue in Miami Beach, Florida. The property comprises 84 rooms and approximately 32,000 square feet and was operating at roughly 70% occupancy at closing. The business plan focused on acquiring and stabilizing the asset, with upside driven by operational improvements and revenue growth in a recovering hospitality market.