Freehand Miami, a 256-bed boutique hostel in Miami Beach, scored a $21 million structured refinancing from Mission Capital Advisors, the firm announced.
“We arranged the construction financing for this asset several years back when the boutique, high-end hostel concept was unproven. Now that the property has been well received by the market, we were able to replace the original, higher cost of capital financing with a very structured interim more appropriately priced ‘ramp’ loan,” said MCA’s managing director Jordan Ray in a press release.
Ray, along with MCA’s director Ari Hirt and associate director Steven Buchwald, represented the sponsor, a joint venture between the Sydell Group, the Yucaipa Companies and AllianceBernstein Real Estate.
The property is located in the heart of the Art Deco Historic District at the corner of 28th Street and Indian Creek Drive. –Christopher Cameron