The Real Deal Miami

National Hotel in South Beach gets refinancing

May 07, 2012 12:00PM

The National Hotel in South Beach

Newmark Grubb Knight Frank has arranged new financing for South Beach’s National Hotel in the amount of $26.5 million, the South Florida Business Journal reported. The property, which had reportedly been placed in special servicing earlier this year, is located at 1677 Collins Avenue. The financing was acquired from lender UBS Real Estate Securities. “We were able to arrange permanent financing for the hotel even though work is still underway,” said Newmark’s David Larson. “This is a testament to the strength of the underlying value and financial performance of the hotel.” [SFBJ]