Walker & Dunlop, Inc. announced Wednesday that it structured $164 million in financing for The Goodtime Hotel, located in Miami Beach, Florida.
The financing was arranged by Walker & Dunlop's Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari Hirt, and Sean Bastian, who identified JP Morgan as the ideal capital source for the financing. The team arranged a three-year, interest-only bridge loan with two one-year extension options on behalf of their client, Dreamscape.
The boutique hotel's main attraction is the food and beverage offering, which is managed by David Grutman's Groot Hospitality. Complete with a pool, restaurant, and a club with curated DJ performances and live music, the 26,000 square-foot amenity deck is a destination unto itself.
The hotel is one of the most iconic hotel offerings in Miami and opened to much fanfare in April 202. The 266-key luxury hotel features approximately 46,000 rentable square feet of ground floor retail as well as 242 parking spaces.
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