Investors mortgage a strip of hotels and motels near Fort Lauderdale Beach

Combined, the investors spent $10.2M on the properties in 2013 and 2015

Miami /
Sep.September 26, 2017 10:30 AM

UPDATED September 27th, 3:30 p.m.: A group of investors just scored an $11 million mortgage on a strip of hotels and motels near Fort Lauderdale Beach, records show.

Hollywood-based A&D Mortgage was the lender. The balloon mortgage is set to mature September 2027, records show.

My FL 3821 LLC, My FL 3811 LLC, Rentals Vacation Property LLC and My FL Management LLC, took out the financing. The entities are all led by Yury Gnesin and Star Management LLC, records show.

Combined, the entities spent $10.2 million on the properties. They first bought Royal Beach Palace Hotel at 3711 North Ocean Boulevard for $5.5 million in 2013, followed by Ocean Breeze Hotel and Apartments at 3821 North Ocean Boulevard in 2015 for $1.4 million; Sundeck Motel and Apartments at 3811 North Ocean Boulevard in 2015 for $1.8 million; and Blue Lagoon Hotel at 3801 North Ocean Boulevard in 2015 for $1.5 million.

The hotels and motels sit shoulder-to-shoulder along North Ocean Boulevard and offer a total of 118 units, combined. Records show the larger hotel, Royal Beach Palace Hotel, has 66 units. It spans 36,876 square feet and features jacuzzi honeymoon suites, one-bedroom suites and studio suites with kitchens. Ocean Breeze Hotel and Apartments, Sundeck Motel and Apartments and Blue Lagoon Hotel each average about 6,156 square feet. Amenities include one- and two-bedroom units with pool access.

New development, including Paramount Fort Lauderdale Beach and the Gale, as well as redevelopment of Bahia Mar resort and marina, have led to increased demand for properties on the beach.

In March, the land underneath a Fort Lauderdale Beach institution, the Elbo Room, sold for $7 million, or $670 per square foot.

Correction: A previous version of this story incorrectly listed a group of investors from a company that has the same name.


Related Articles

arrow_forward_ios
From left: 707-715 Southwest Fifth Street, Dania Beach; 2901 Northwest 18th Street, Fort Lauderdale; and 801-805 Northwest 10th Street, Hallandale Beach (Google Maps)
GDF Properties scoops up Broward multifamily portfolio for $17M
GDF Properties scoops up Broward multifamily portfolio for $17M
An aerial photo of Boca Lago Golf & Country Club (Google Maps, iStock)
Boca Lago Golf & Country Club owner wins approval to build a hotel on the property
Boca Lago Golf & Country Club owner wins approval to build a hotel on the property
1600 Ponce De Leon Drive, Fort Lauderdale (Google Maps)
Tech company founder sells waterfront Fort Lauderdale mansion for $17M
Tech company founder sells waterfront Fort Lauderdale mansion for $17M
Westime owner Jean Simonian and Washington Park Hotel. (Facebook via Westime and Washington Park Hotel)
Ladder Capital sells Witkoff’s Miami Beach hotel for $44M
Ladder Capital sells Witkoff’s Miami Beach hotel for $44M
Chad Johnson and 1300 Brickell Drive, Fort Lauderdale (Lady Jane's)
Barbershop founder drops $7M on waterfront mansion in Fort Lauderdale
Barbershop founder drops $7M on waterfront mansion in Fort Lauderdale
John Rosatti and 315 Royal Plaza Drive, Fort Lauderdale (Google Maps)
BurgerFi founder sells waterfront Fort Lauderdale mansion for $7M
BurgerFi founder sells waterfront Fort Lauderdale mansion for $7M
Scottie Pippen and 2571 Del Lago Drive, Fort Lauderdale (Getty, Compass)
Scottie Pippen relists Fort Lauderdale estate for $12M
Scottie Pippen relists Fort Lauderdale estate for $12M
Renderings of the One Brickell project with Jorge Pérez  and Jon Paul Pérez (Photos via Wikipedia Commons, Related)
Related to partner with Baccarat on major Brickell high-rise development
Related to partner with Baccarat on major Brickell high-rise development
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...