NEW YORK, NY – February 24, 2017 – CBRE Hotels’ Debt & Structured Finance team announced that it has secured $60.0 million in bridge financing for the Nautilus South Beach, an eight-story, Class A, 250-room property located in the heart of Miami’s Art Deco district.
Mark Owens and Shawn Rosenthal of CBRE’s Midtown Manhattan office secured the loan on behalf of the borrower, Quadrum Global. The two year, floating rate loan was provided by Apollo Commercial Real Estate Finance and includes three one-year extension options.
“The Nautilus’ incredible quality and irreplaceable location, combined with Quadrum’s track record and SIXTY’s management, made it a highly sought after process. The lending community provided a variety of options and proceeds levels well in excess of our client’s ultimate desired loan amount,” said Mr. Owens, executive vice president and head of hospitality, CBRE Hotels.
Located at 1825 Collins Avenue, the Nautilus South Beach, a Sixty Hotel, features 48 suites, and one two-bedroom penthouse. The property, designed in the 1950's by famed architect Morris Lapidus, stretches from Collins Avenue to the beach, providing guests with oceanfront views of the Atlantic ocean. The beachside property, which reopened in 2016 after a complete renovation, is moving toward stabilization.
CBRE Hotels is a specialized advisory group within CBRE providing advisory, asset management, capital markets, investment sales, research and valuation services to companies in the hotel sector. CBRE Hotels is comprised of over 385 dedicated hospitality professionals located in 60 offices across the globe.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $71.8 billion in commercial real estate assets*. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
*As of December 31, 2016.