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The Real Deal Miami

Hersha refinances Courtyard Miami Beach

July 09, 2012 12:00PM

The Courtyard Miami Beach Oceanfront hotel project now has a new $60 million loan following a refinancing by Hersha Hospitality Trust. The property’s new note includes initial funding of $45 million, with three more draws of $5 million each every 90 days. Hersha bought the property in November 2011, and plans an all-suite hotel set for completion in late 2013. — Alexander Britell