MIAMI—The Grand Beach Hotel in Surfside and the neighboring Oceanfront Hotel have won lender confidence. Beach House Hotel inked a $50 million refi loan against the Miami Beach hotels. The group is using the money to finance other real estate investments, including building a new hotel.  

Both hotels are located on 94^th and Collins Avenue. Grand Beach Hotel was built in 2013. The hotel includes six swimming pools, six outdoor hot tubs, a fitness room spa, business center, conference rooms, bars and gift shops.

Karyl Argamasilla, attorney at Bilzin Sumberg and counsel to TotalBank on the deal, tells GlobeSt.om this was a complex deal in many ways. Largely, that was due to the borrower's unique international ownerships structure, which required significant due diligence review and compliance with regulatory requirements.  

“Yet despite these challenges, this was an attractive opportunity for TotalBank, which financed the borrower's affiliate's Grand Beach Hotel in Miami Beach in 2011,”  Argamasilla  says. “Lenders are increasingly looking for ways to invest in Miami's hospitality market, which is thriving and will only continue to grow in lockstep with Miami's rising stature as a travel destination.”

The borrower's principal is Swiss national Jacques-Gaston Murray. Murray has worldwide real estate holdings including, primarily in the US and Europe. Murray snapped up both hotels for $25 million from an affiliate of CSG Investments in 2011.

Want more insight on what make's Miami's market sizzle? Read my last interview with Argamasilla, in which she discusses the urban core development boom.