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MIAMI-In three unrelated transactions, four South Florida hotel properties have obtained an aggregate of just over $74.2 million in new funding. Three of the loans are refinancings to fixed-rate debt at improved rates, and the fourth is an acquisition loan also at a fixed rate.

Miami Convention Hotel Corp., the locally based entity of an unnamed Westchester, NY-based owner of Courtyard by Marriott Miami Downtown, obtained a loan of just over $19.2 million. “It is a 10-year loan with a 25-year amortization and represents a 75% loan-to-value ratio,” David M. Fishler, VP of the New York City loan origination office of Horsham, PA-based GMAC Commercial Mortgage Corp., tells GlobeSt.com.

Fishler arranged the transaction through Renzo Aida of GMACCM’s hospitality industry division, which is based in Vienna, VA. “It is a client we’ve done numerous deals with, primarily for acquisitions,” Aida says. This transaction was a refinancing, “a recapitalization that allows the owner to pay off higher-interest debt along with expenses from its 2002 conversion from a Holiday Inn.” The property is located at 200 SE Second Ave. in the CBD.

GMACCM’s hospitality group also arranged and underwrote $20 million in refinancing to Cardel at Sawgrass LC, the owner of Crowne Sawgrass Hotel at 13400 W. Sunrise Blvd. in Sunrise. GMACCM SVP Russ Callahan of the Tampa loan origination office and Kurt J. Hoffman, VP of the Boca Raton loan origination office spearheaded the deal.

The hospitality division of GMACCM also provided an aggregate of $35 million to Trident-Allied Associates LLC and Trident-Allied Associates II LLC to refinance Marriott Fort Lauderdale North hotel at 6650 N. Andrews Ave. in Fort Lauderdale and acquire Renaissance Boca Raton Hotel at 2000 NW 19th St. in Boca Raton. Terms of this funding were undisclosed.

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