Quadrum Global has received a $60 million bridge loan for its Nautilus South Beach hotel project. Located at 1825 Collins Avenue in Miami’s Art Deco district, the 250-room property features 48 suites, and one two-bedroom penthouse. The property, designed in the 1950’s by the architect Morris Lapidus, stretches from Collins Avenue to the beach, providing guests with oceanfront views of the Atlantic. CBRE Capital Markets’ Debt & Structured Finance team placed the two year, floating rate loan with Apollo Commercial Real Estate Finance which includes three one-year extension options.
“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 Mark Owens, head of hospitality at CBRE Hotels.
