Dealmaker: CBRE Arranges $105M for Florida Resorts

CBRE, Dallas, arranged a $105 million loan that refinanced the relaunched Bellwether and Beachcomber Resorts in St. Pete Beach, Fla.

A CBRE Hotels Debt & Structured Finance team, Mark Owens, Olga Lepow and John Avanzino, facilitated the debt financing with Germany-based lenders. 

Gencom, Miami, refinanced the 258-key portfolio on 10 beachfront acres. The recently renovated full-service properties occupy more than 430 feet of the beach in Pinellas County, close to St. Petersburg and the Tampa International Airport.

Gencom Principal Karim Alibhai said the Bellwether and Beachcomber’s strong pre-renovation performance generated several attractive financing options despite current market volatility.

Owens noted the level of interest illustrates that lenders desire leisure-driven resorts in supply-constrained coastal markets. “Lodging’s natural inflationary hedge is appealing to the debt markets,” he said.