Miami Beach Goodtime Hotel Receives $ 164 Million Funding Via Walker & Dunlop
The main attraction of the boutique hotel is the food and drink offering, which is managed by that of David Grutman Groot Hospitality. Featuring a pool, restaurant, and club with organized DJ performances and live music, the 26,000-square-foot pleasure deck is a destination in itself. With an emphasis on design, generous common spaces, independent branding, and premium food and beverage options, the hotel has opened its doors with great fanfare in April 2021 and was well positioned to meet the growing demand for experiential hospitality, with a high volume of bookings throughout the summer. The 266-key luxury hotel has approximately 46,000 rentable square feet of ground-floor retail as well as 242 parking spaces.
Funding was arranged by Walker & Dunlop’s Aaron Appel, Keith kurland, Jonathan schwartz, Adam schwartz, Ari hirt, and Sean bastien, who identified JP Morgan as the ideal source of capital for financing. The team arranged a three-year interest-only bridge loan with two one-year extension options on behalf of their client, Dreamscape.
Dream landscape Eric Birnbaum said, “We were delighted with this seamless execution by the Walker & Dunlop Group of New York City Capital Markets. Their team worked tirelessly to provide the best funding for our needs, setting this project up for success over the next several years. “
“The Goodtime Hotel is one of the most emblematic hotel offers in Miami. The hotel’s luxurious rooms come in many different sizes and appeal to a wide range of travelers, â€commented Appel.
Schwartz added, “We are delighted to have put together a strong financial package for Dreamscape and the rest of the Goodtime Hotel collective. It was one of the most anticipated projects of Miami Beach, and we have received a wave of interest from the capital markets in this transaction. “
Walker & Dunlop has one of the strongest networks in the industry, with over 250 sources of capital. The company has finished $ 10.97 billion in loan arrangements negotiated in 2020, an increase of 5.89% compared to the same period in 2019. For more information on Walker & Dunlop’s perspective on the commercial real estate market, including Expert perspectives on markets, leadership and the way forward, check out our weekly Walker Webcast.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is the largest provider of capital to the multi-family industry in United States and the fourth largest lender on all commercial real estate, including industrial, office, retail and hospitality. Walker & Dunlop empowers real estate owners and operators to bring their vision of communities to life – where Americans live, work, shop and play. The power of our people, our premier brand and cutting edge technology make us more insightful and valuable to our customers, delivering an unparalleled experience every step of the way. With over 1000 employees in all major US markets, Walker & Dunlop a always been named one of the FortuneThe best places to work® and is determined to make the commercial real estate industry more inclusive and diverse while create meaningful social, environmental and economic change in our communities.
SOURCE Walker & Dunlop, Inc.