Miami Beach Goodtime Hotel Receives $164 Million in Financing via Walker & Dunlop
Walker & Dunlop announced the structuring of $164 million in financing for The Goodtime Hotel in Miami Beach, Florida.
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Rhea-AI Summary
Walker & Dunlop announced the structuring of $164 million in financing for The Goodtime Hotel in Miami Beach, Florida. The boutique hotel, opened in April 2021, features 266 luxury rooms and extensive amenities. The financing, a three-year interest-only bridge loan, was arranged by Aaron Appel and his team, identifying JP Morgan as the ideal capital source. This financing supports the hotel's growth amidst rising demand in experiential hospitality, highlighting Walker & Dunlop's strong capital market capabilities.
Positive
- Secured $164 million financing for The Goodtime Hotel.
- The hotel has high booking volume, indicating strong demand.
- Financing arranged via a favorable interest-only bridge loan structure.
Negative
- None.
Details
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MIAMI BEACH, Fla., Sept. 29, 2021 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured
The boutique hotel's main attraction is the food and beverage offering, which is managed by David Grutman's Groot Hospitality. Complete with a pool, restaurant, and a club with curated DJ performances and live music, the 26,000 square-foot amenity deck is a destination unto itself. With an emphasis on design, generous common spaces, independent branding, and superior food and beverage options, the hotel opened to much fanfare in April 2021 and was well-positioned to serve the growing demand for experiential hospitality, with a high volume of booking throughout the summer. The 266-key luxury hotel features approximately 46,000 rentable square feet of ground floor retail as well as 242 parking spaces.
The financing was arranged by Walker & Dunlop's Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari Hirt, and Sean Bastian, who identified JP Morgan as the ideal capital source for the financing. The team arranged a three-year, interest-only bridge loan with two one-year extension options on behalf of their client, Dreamscape.
Dreamscape's Eric Birnbaum stated, "We were thrilled with this seamless execution by Walker & Dunlop's New York City Capital Markets group. Their team worked tirelessly to provide the best financing for our needs, setting this project up for success over the next several years."
"The Goodtime Hotel is one of the most iconic hotel offerings in Miami. The property's luxurious rooms feature many different sizes and appeal to a wide range of travelers," commented Appel.
Schwartz added, "We are pleased to have arranged a strong financing package for Dreamscape and the rest of the Goodtime Hotel collective. This was one of the most highly anticipated projects in Miami Beach, and we received an outpouring of interest from the capital markets on this transaction."
Walker & Dunlop has one of the strongest networks in the industry, with over 250 capital sources. The firm completed
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.
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SOURCE Walker & Dunlop, Inc.
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