Cronheim Hotel Capital Arranges $85M Refinancing of Grand Beach Hotel in Miami Beach

by John Nelson

MIAMI BEACH, FLA. — Cronheim Hotel Capital (CHC) has arranged an $85 million loan for the refinancing of Grand Beach Hotel, a 424-room hotel in Miami Beach. The 21-story property is situated near the entrance to the Miami Beach boardwalk and one block from the Fontainebleau, a hotel/resort. The unnamed borrower, which developed the Grand Beach Hotel in 2009, is in the midst of a full renovation to the hotel’s lobby, bar, coffeeshop, boutique restaurant, spa and guest rooms. David Poncia, Dev Morris, Allison Villamagna and Andrew Stewart of CHC arranged the financing through an unnamed life insurance company. The five-year loan features a fixed interest rate and interest-only payments for the full term.

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