The Real Deal Miami

Portfolio owner gets $172M in financing

Edgewater Hotel in South Beach part of collateral
April 01, 2014 10:30AM

Edgewater Hotel (inset: Howard Michaels)

Edgewater Hotel (inset: Howard Michaels)

The owner of a three-state multifamily portfolio and the Edgewater Hotel in South Beach obtained $172 million in senior financing.

With 2,129 apartments in Florida, Georgia and Illinois and the boutique Edgewater property, the portfolio owner also received a preferred equity recapitalization that boosted the loan to value ratio to 90 percent, according to New York-based Carlton Group, which represented the borrower. The firm announced the closing of the financing in a written statement released Monday. Carlton did not identify the borrower or lender.

Miami-Dade County records identify El-Ad Edgewater of Plantation as the owner of the 1410 Ocean Drive hotel.

Carlton chairman Howard Michaels arranged the transaction. — Eric Kalis