RM Capital Arranges $19.8 Million Financing for The Redbury South Beach located in Miami Beach, Florida
New York, NY – RM Capital announced today they have arranged $19.8 million of Bridge /first mortgage financing for The Redbury Hotel, a newly gut renovated luxury hotel managed by sbe, which is controlled by the hotelier and real estate developer, Sam Nazarian.
Co-managing directors of RM Capital, Marc Sznajderman and Romano Tio, and Director Steven Weiss were approached by The Redbury to provide working capital and a take-out of their construction financing consisting of a $15.5MM which allowed sbe to perform the hotel renovation. The plans called for increased size of its guest rooms, an added restaurant space, and a rooftop deck and pool. Through a meticulous analysis of the local competition and tourism market, RM Capital, was successful in approaching and soliciting lenders to secure a bridge to fixed rate financing in a $19.8MM 30-month floating rate, interest-only mortgage with two 15-month extension options.
The Hotel is located in one of the most desirable tourism and entertainment locations on South Beach, the corner of 18th and Collins, directly across the street from The Raleigh and the SLS Hotel South Beach, which are also managed by sbe, and directly down the street from the Miami Convention Center.
RM Capital is a private real estate investment banking and merchant banking firm based in New York. Its principals have extensive and diverse backgrounds including hedge fund, advisory and principal investment experience, and have acted as a principal or agent on transactions with a combined value of over $5 billion.