Berkadia Secures $14 Million for Two Florida Keys Hotels
The Berkadia team arranged acquisition financing for two Islamorada hotels that are managed jointly.
August 22, 2017 at 09:00 AM
3 minute read
Location was key in the deal made by Charles Foschini, who helped secure $14 million in acquisition financing for two hotels in one of the top destinations in the Florida Keys.
The Days Inn Islamorada Resort at 82749 Overseas Highway and Harbor Lights at 84951 Overseas Highway are both prime oceanfront properties close to popular attractions, and boating, diving and snorkeling sites.
Berkadia secured the loans for Songy Highroads LLC and the Wardman Group. Foschini, Berkadia's South Florida senior managing director, arranged the financing along with managing director Chris Apone. First National Bank of South Miami provided $7.05 million and $6.8 million, respectively, for the purchase of both properties. Both are five-year, fixed-rate loans with partial interest-only at an aggressive rate.
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