Dealmaker: Madison Newbond Originates $20M for Miami Beach Hotel

Madison Newbond, New York, provided a $20 million loan to FullG Capital, Toronto, to acquire the Balfour Hotel Miami Beach.

Located within Miami’s South Beach Art Deco District less than one block from the beach, the independent Balfour Hotel Miami Beach at 350 Ocean Drive in Miami Beach contains 82 guestrooms in two towers. The South Florida Business Journal reported it traded for $39.25 million.

“Miami is no longer just a top destination for domestic and international leisure travel, but has rapidly become a growing hub for corporations and financial firms seeking to relocate their headquarters,” said Josh Zegen, Managing Principal and Co-Founder of Madison Newbond parent company Madison Realty Capital. He called Miami one of the most liquid and dynamic hospitality markets in the country.

Earlier this year Madison Realty Capital originated a $66.4 million loan for downtown Miami hotel The Gabriel Miami. Surya Capital Partners, New York, brokered the transaction.