The Real Deal Miami

Loan extension on Mayfair Hotel

January 21, 2011 10:19AM

The Mayfair Hotel in Coconut Grove has received an increase and an
extension on its mortgage, which was granted for $21 million in 2007 and
matured in 2009. The borrower, CSC Mayfair Land, an affiliate of West
Palm Beach-based Ceebraid Signal, signed the extension in November. The
company owns 132 of the 179 units at the hotel, which is located at 300
Florida Avenue. According to court filings, it had not paid interest
since July 2010. The new agreement extends the loan’s maturity to Sep.
2011, and also splits $10,000 of the balance into a subordinate, or “b
note,” loan.