By Mihaela Coste
Miami—CBRE Capital Markets’ debt & structured finance team recently secured a bridge financing in the amount of $60 million for The Nautilus South Beach, a hotel situated in Miami Beach, in the heart of the city’s Art Deco district.
The two-year floating rate loan provided by Apollo Commercial Real Estate Finance includes three one-year extension options. Mark Owens and Shawn Rosenthal of CBRE’s Midtown Manhattan office placed the loan on behalf of the borrower, Quadrum Global.
Located at 1825 Collins Ave., the eight-story hotel features 48 suites and one two-bedroom penthouse. The property stretches from Collins Avenue to the beach and provides guests with views of the Atlantic Ocean. Additionally, the asset is situated two blocks from Lincoln Road pedestrian way, 15 minutes from Miami downtown and 12 miles from Miami airport. The Nautilus South Beach is part of Sixty Hotels, a portfolio of five boutique luxury hotels in New York City, Los Angeles and Miami.
Originally designed in the 1950’s by famed architect Morris Lapidus, the hotel was renovated to preserve the architectural Art Deco legacy of its original design, while at the same time meet the modern standards of South Beach lifestyle hotels. The building features an 1,890-square-foot salt water pool, an expansive backyard, exclusive beach access, as well as indoor and outdoor seating at the Nautilus Cabana Club signature restaurant.
Quadrum Global acquired the property in April 2011 as part of the distressed sale by RFR and Ian Shrager and reopened it in October 2015.
“The Nautilus’ incredible quality and irreplaceable location, combined with Quadrum’s track record and SIXTY’s management, made it a highly sought after process. The lending community provided a variety of options and proceeds levels well in excess of our client’s ultimate desired loan amount,” said Owens, executive vice president & head of hospitality with CBRE Hotels, in a prepared statement.
Image courtesy of Sixty Hotels