[chris08876]

Walker & Dunlop Arranges $45M in Land Loans for Waldorf Astoria in Miami and Boca Housing Project

Commercial real estate finance firm Walker & Dunlop reports it has arranged two large land loans in South Florida. the largest of which will help seed the development of the Waldorf Astoria Hotel & Residences Miami.

The two land loans in Miami and Boca Raton totaled $45.2 million. The Bethesda, MD-based Walker & Dunlop arranged a $33-million loan in connection with the development of the new Waldorf Astoria Hotel & Residences Miami at 300 Biscayne Blvd. The project is being developed by New York-based developer Property Markets Group (PMG), along with Toronto-based private equity and asset management firm Greybrook Realty Partners and S2 Development of Miami.
Once complete, the luxury hotel and condo tower will comprise 98 stories with a 140-key hotel and approximately 400 condo units. BridgeInvest was the lender in the deal. Walker & Dunlop reports that the loan was structured to allow for the finalization of approvals for the project and the launch of condo sales. With its flexible terms, the interest-only, non-recourse financing provides the developer the option to exit with limited pre-payment penalties.

Hilton announced the development of the Waldorf Astoria Hotel & Residences Miami in September 2018. Upon completion, the new high-rise property will mark the entrance into the Miami market for the luxury brand.

================
https://www.globest.com/2019/03/21/w...20190526011417