MIAMI BEACH, Fla., Sept. 29, 2021 /PRNewswire/ -- Walker &
Dunlop, Inc. announced today that it structured $164,000,000 in financing for The Goodtime
Hotel, located in Miami Beach,
Florida.
The boutique hotel's main attraction is the food and beverage
offering, which is managed by David
Grutman's Groot Hospitality. Complete with a pool,
restaurant, and a club with curated DJ performances and live music,
the 26,000 square-foot amenity deck is a destination unto itself.
With an emphasis on design, generous common spaces, independent
branding, and superior food and beverage options, the hotel opened
to much fanfare in April 2021 and was
well-positioned to serve the growing demand for experiential
hospitality, with a high volume of booking throughout the summer.
The 266-key luxury hotel features approximately 46,000 rentable
square feet of ground floor retail as well as 242 parking
spaces.
The financing was arranged by Walker &
Dunlop's Aaron
Appel, Keith
Kurland, Jonathan
Schwartz, Adam Schwartz,
Ari Hirt, and Sean Bastian, who identified JP Morgan as the
ideal capital source for the financing. The team arranged a
three-year, interest-only bridge loan with two one-year extension
options on behalf of their client, Dreamscape.
Dreamscape's Eric Birnbaum
stated, "We were thrilled with this seamless execution by Walker
& Dunlop's New York City Capital Markets group. Their team
worked tirelessly to provide the best financing for our needs,
setting this project up for success over the next several
years."
"The Goodtime Hotel is one of the most iconic hotel offerings in
Miami. The property's luxurious
rooms feature many different sizes and appeal to a wide range of
travelers," commented Appel.
Schwartz added, "We are pleased to have arranged a strong
financing package for Dreamscape and the rest of the Goodtime Hotel
collective. This was one of the most highly anticipated projects in
Miami Beach, and we received an
outpouring of interest from the capital markets on this
transaction."
Walker & Dunlop has one of the strongest networks in the
industry, with over 250 capital sources. The firm completed
$10.97 billion in brokered loan
originations in 2020, a 5.89% increase over the same period in
2019. For information about Walker & Dunlop's view on the
commercial real estate market, including expert perspectives on
markets, leadership, and the road ahead, check out our weekly
Walker Webcast.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is the largest provider of
capital to the multifamily industry in the United States and the fourth largest
lender on all commercial real estate including industrial, office,
retail, and hospitality. Walker & Dunlop enables real estate
owners and operators to bring their visions of communities — where
Americans live, work, shop and play — to life. The power of our
people, premier brand, and industry-leading technology make us more
insightful and valuable to our clients, providing an unmatched
experience every step of the way. With over 1,000
employees across every major U.S. market, Walker & Dunlop
has consistently been named one of Fortune's Great
Places to Work® and is committed to making the
commercial real estate industry more inclusive and
diverse while creating meaningful social, environmental,
and economic change in our communities.
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SOURCE Walker & Dunlop, Inc.