Marquis Bank announced today it has closed a $3.5 million loan to finance the purchase of a 15-room hotel in Miami Beach that will be converted into a 21-unit boutique hotel to be operated by Sonder USA, Inc., a national short-term leasing platform. The property will also include retail and food and beverage space.
The borrower on the 5-year loan, Kerma Capital, LLC from Montreal, Canada purchased the vacant hotel located at 852 Collins Avenue in Miami Beach. The neighborhood is zoned to include short-term rentals, which are heavily regulated by the city of Miami Beach.
Janet Henfield-Green, Senior Vice President and Market Manager of Commercial Lending at Marquis Bank’s Aventura branch, was the officer who closed the loan.
“Marquis Bank is rooted in the community and committed to its growth and prosperity. Short-term rentals have become a mainstay in our tourist driven economy, and we are pleased to provide the financing,” Henfield-Green said.
Sonder, based in San Francisco, operates properties in 13 U.S. cities, as well as Montreal, London, and Rome, that feature apartments with hotel amenities.
“The SOBE neighborhood of Miami Beach is an exciting area for people coming for business or vacation stays and who want to experience an apartment atmosphere,” said David Malka of Kerma Capital, LLC. “We are excited to be working with Sonder and Marquis Bank to bring this project to fruition.”
BauerFinancial, the Nation’s Premier Bank Rating Firm, commends Marquis Bank, Coral Gables, Florida on its achievement of another 5-Star Superior Rating. Not only has Marquis Bank earned Bauer’s highest (5-Star) rating for financial strength and stability, it has maintained that top rating for 26 consecutive quarters. Earning and maintaining Bauer’s highest 5-Star rating indicates Marquis Bank is one of the strongest banks in the nation.
“BAUERFINANCIAL would like to congratulate Mr. Javier Holtz, Chairman and CEO, Ms. Miriam Lopez, President and their entire team at Marquis Bank. Strong leadership and dedication to excellence both inside the bank and outside in the community are the building blocks for success,” remarked Karen L. Dorway, president of the research firm. “Community banks, like Marquis Bank, are fiscally-fit because they go the extra mile to help their neighbors and friends be fiscally-fit as well. In the end, Marquis Bank reaps the benefits of the strong communities it helped to build,” concluded Dorway.
Marquis Bank was established in 2007 and has been serving its neighbors and friends both ethically and fairly for 12 years. Today, Marquis Bank operates through three conveniently located offices in Aventura, Coral Gables and Fort Lauderdale and can also be found online at marquisbank.com.
As Hurricane Dorian approaches, Marquis Bank’s number one priority is the safety of our customers and employees.
Because the storm poses a significant threat to South Florida, we are preparing for the possible damage and power outages. As a result, all Marquis locations will close at 2:00 p.m. on Friday, August 30th.
Below are a few simple steps you can take to ensure the necessary financial items are on hand and ready when you need them:
Withdraw a small amount of cash to have on hand. With your Mastercard Debit Card you can make free withdrawals or access your account balance 24 hours a day, 7 days a week at any ATM displaying the Presto, Money Pass and/or Pulse Select* logos.
Enroll in Marquis Bank Online Banking and download the MB Mobile Banking app so you will have access to your accounts anywhere you have an internet connection. Services like electronic bill payments, funds transfers, direct deposit and account alerts can help you stay on top of your finances and ahead of late fees no matter where you are.
We will be communicating updates throughout the weekend and until South Florida is no longer under any threat. Please be sure to check our website, social networks and email blasts for up-to-date information and most importantly stay safe.
Professional Holding Corp. and Marquis Bancorp, both of Coral Gables, jointly announce today the signing of a definitive agreement to merge in which Marquis Bank will combine with Professional Bank. Subject to shareholder and regulatory approvals, the combined banking institution will have approximately $1.6 billion in assets, making it the 12th largest community bank in Florida and the 4th largest in South Florida.
Both institutions maintain a 5-star, superior rating from Bauer Financial, and when combined will service 10 South Florida markets, retaining the Professional Bank name with continued headquarters in Coral Gables.
“We have held Marquis Bank in high esteem for several years now and look forward to the partnership. They have a number of talented bankers on their team along with a great staff, both of which will be a natural fit within our culture. The combined institution will advance our plans for scale and profitability along with the implementation of certain technologies across this larger platform,” said Professional Bank’s Chairman & CEO, Daniel R. Sheehan. “The combined resources will accelerate our growth in South Florida and beyond.”
Professional Bank has undergone tremendous growth in the past several years, with assets more than doubling to $890 million as of June 30 from three years earlier. The bank ended the latest quarter with Tier 1 leverage ratio of 8.71%; 5% is considered well-capitalized. It had a Tier 1 capital ratio was 11.89%; 8% is considered well-capitalized.
“We are truly excited to be partnering with Professional and believe now is the time to combine our franchises to create the premier community bank in South Florida. This is a tremendous opportunity for two high-performing banks with similar cultures to join together in this transformational merger,” said Javier J. Holtz, Marquis Bank’s Chairman and CEO. “This is a win-win for our clients, associates, and shareholders.”
Marquis Bank was established in 2007 and operates branches in Coral Gables, Aventura and Fort Lauderdale. It held $680.3 million in assets and $559.7 million in deposits as of June 30. It concluded the quarter with a healthy Tier 1 leverage ratio of 9.64% and a Tier 1 capital ratio of 10.75%.
Wachtell, Lipton, Rosen & Katz served as legal advisor to Professional Bank, while Smith MacKinnon, PA served as legal advisor for Marquis Bank. Stephens Inc. served as financial advisor to Professional Bank, while Hovde Group served as financial advisor for Marquis Bank. The merger is subject to shareholder and regulatory approvals and expected to close in late 2019 or early 2020.
Headquartered in Coral Gables, Fla., Professional Bank is one of South Florida’s fastest-growing community banks. A subsidiary of financial holding company Professional Holding Corp. (OTC: PFHD), Professional Bank specializes in construction, residential and commercial real estate financing as well as business loans and lines of credit, including SBA financing. Known for high-touch customized concierge services, the bank serves the needs of its customers through a full offering of deposit products, cash management services, online and mobile banking.
Founded in 2008, Professional Bank operates full-service branches and loan production offices in Miami-Dade, Broward and Palm Beach counties. For more information, visit myprobank.com.
[Disclaimer] Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Neither Professional Holding Corp. nor Professional Bank undertakes any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
About Marquis Bank:
Marquis Bank, with more than $680 million in assets, is a full-service community bank dedicated to serving business owners, professionals and investors. Marquis has successfully blended convenient state-of-the-art technology with personal attention to create an exceptional banking experience for its clients. For more information, please call (305) 443-2922 or visit marquisbank.com.