IPA Capital Markets, a division of Marcus & Millichap, has arranged $33 million in financing for The Garden Hotel & Resort in Fort Lauderdale.
The 154-key boutique Florida property recently completed a renovation and is located within walking distance of the beach. On-site amenities include three outdoor swimming pools, complimentary transportation to nearby shops, restaurants and the beach, complimentary bike rentals, a putting green, as well as a restaurant and poolside bar that features weekend live entertainment.
The financing was secured by Bobby Werhane—managing director in the firm’s Charlotte office—who arranged a two-year loan at 65 percent loan-to-value with City National Bank of Florida on behalf of a local real estate investment and management firm.
“In this case, we were able to structure a financing that not only reflected the property’s repositioning and strong market fundamentals, but also achieved a material improvement in rate, delivered additional proceeds to the borrower and established a new banking relationship for the sponsorship,” Werhane said in a statement.