MIAMI—National Hotel got the nod from lenders in a $26.5 millionrefi. Purchased by Delphine Dray in 2007, thehistoric 1939 Art Deco hotel at 1677 Collins Avenue has undergonemajor renovations in the last several years.
Newmark Grubb Knight Frank’s Capital Group inMiami arranged the financing. Robi Das,David Larson and David Prestonrepresented the owner the transaction. The loan is a fixed-rate,10-year conduit mortgage facility from a global investment bankingfirm.
“It’s a timeless property in one of the strongest hospitalitysubmarkets in the country,” Das said in a statement. “Ownership andmanagement have a clear vision of how to differentiate theirproduct offering and we believe there will continue to be strongdemand for their high-quality, niche service.
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