Owner of the Edgewater Hotel and a three-state multifamily portfolio in South Beach has acquired $172 million in financing.
The portfolio owner has secured over 2,100 apartments in not just Florida, but also Georgia and Illinois. He is currently the owner of the Edgewater Hotel property. He also established preferred equity recapitalization, which boosted value ratio of the loan to 90%. The Carlton Group, a real estate investment banking firm based out of New York, announced the financing in a written statement released on March 31st. Both the borrower and lender were not identified.
According to Miami-Dade County records, El-Ad Edgewater of Plantation is the owner of the Edgewater Hotel located at 1410 Ocean Drive. The Carlton Group chairman, Howard Michaels, organized the deal and the purchase.
Source: therealdeal.com
Photo credit: Edgewater Beach Hotel - ruskinarc.com, Beach view - edgewatersouthbeach.com, Howard Michaela - Getty