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Trimont acquires Kayak Miami Beach hotel
Atlanta-based real estate firm bought 51-key property in deed in lieu of foreclosure sale
Trimont Real Estate Advisors paid $13.6 million for the Kayak Miami Beach in a deed in lieu of foreclosure sale.
Atlanta-based Trimont acquired the 51-key property for roughly $260,000 less than the outstanding mortgage debt that the seller owed the lender, Minneapolis-based Varde Partners, records and Vizzda show. Trimont, led by executive managing director Cindy Barreda, is a Varde subsidiary.
The sale price equates to about $267,000 per room.
The seller, an affiliate of New York and Santa Monica, California-based Raven Capital Management, led by Josh Green, bought the two-story hotel at 2216 Park Avenue in Miami Beach for $20 million in 2018. Raven financed the purchase with a $13.6 million loan from Varde, records show. .
Raven rebranded the 1936 building under the Kayak flag in 2021 after renovating the hotel.
Last year, Varde sued Raven’s Kayak ownership entity in Miami-Dade Circuit Court, seeking to foreclose on the property. The complaint alleged that Raven missed its maturity date payment in December 2022 after Varde had extended the deadline twice in the previous two years.
At the time the lawsuit was filed, Raven allegedly owed $13.9 million including interest and attorney fees, court records show.
In September of last year, Miami-Dade Circuit Court Judge Jose Rodriguez granted a motion by Varde and Raven to stay the lawsuit. The firms had reached an agreement to sell the property in lieu of foreclosure, court records show.
Last year, Metlife Investment Management bought Raven, which has about $2.1 billion in U.S. real estate assets, a press release states.
In other recent foreclosure actions, a New York-based developer could lose a Wynwood office building the company completed in late 2021. An affiliate of New York-based R&B Realty allegedly owes a $101 million mortgage debt secured by Gateway at Wynwood at 2916 North Miami Avenue in Miami.
Wilmington Trust NA, as trustee for Boise-based A10 Capital, sued R&B Realty for allegedly defaulting on two loans by failing to make monthly payments since December, the lawsuit states.