MIAMI—National Hotel got the nod from lenders in a $26.5 million refi. Purchased by Delphine Dray in 2007, the historic 1939 Art Deco hotel at 1677 Collins Avenue has undergone major renovations in the last several years.

Newmark Grubb Knight Frank’s Capital Group in Miami arranged the financing. Robi Das, David Larson and David Preston represented the owner the transaction. The loan is a fixed-rate, 10-year conduit mortgage facility from a global investment banking firm.

“It’s a timeless property in one of the strongest hospitality submarkets in the country,” Das said in a statement. “Ownership and management have a clear vision of how to differentiate their product offering and we believe there will continue to be strong demand for their high-quality, niche service.

The 151-room hotel, which also has 36 new poolside cabana rooms and suites, is listed among the leading hotels of the world and nationally listed as a historic hotel. Its 205-foot infinity pool was rated as a “Top 10 US Swimming Pool” by Fodor’s.

“We were able to arrange permanent financing for the hotel even though work is still under way,” says Larson. “This is a testament to the strength of the underlying value and financial performance of the hotel.”

Between 2009 and 2011, Dray invested about $5 million, and another $5 million in work is being done this year. Dray and her family are major real estate owners, developers and investors in France as well as in South Florida.

“Banks are in relatively healthy shape as compared to four years ago, and I fully expect the level of lending to continue to grow,” Ezra Katz, CEO of the Aztec Group, tells GlobeSt.com. “However, I also believe the underwriting standards for making loans will be much more conservative, and therefore borrowers will have to provide more equity in each transaction, as well as support the loans being requested by a strong balance sheet.”