Marquis Bank Lends $3.5 Million to Finance Purchase of 15-Room Hotel in Miami Beach
October 15th, 2019 • Press
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.”